Market Turmoil?


You may well have seen reports recently of a bit of turmoil in the mortgage market. Whilst we don’t like sensationalist headlines, we must admit that this one may not be too far off the mark. Here, Barlow Irvin Financial Services Director and Founder, Gary Oxborough, takes a more detailed look at what’s happening.

Over the last few weeks, mortgage lenders have been trying to cope with many economic factors, which has meant that they have had to increase mortgage rates on offer. Changes in the rates available on mortgages is a common occurrence in our world, but what has caused major issues recently is the speed of these changes. We are seeing lenders withdraw their mortgage products from the market with very little notice, sometimes within hours of telling us. This can cause issues for our clients who are in the process of buying a property or remortgaging, as the figures we give them may disappear overnight, meaning we need to choose a new mortgage product, which is often more expensive. This is obviously very stressful for the client and indeed our team.

There is very little we can do about this, it’s just the state of the current market. The most important thing you can do to make sure we minimise the chances of this happening is to get your documentation to us as soon as possible and avoid any delays prior to the mortgage application being submitted. Once your application is submitted to the lender, your rate is “booked”, meaning that you are protected from any rises that are around the corner.

There is no need to panic, the market will calm down but if you are in the process of applying for a mortgage, don’t waste any time.

As always, my award-winning team of mortgage experts are on hand to talk through the options. Get in touch to see what is best for you.

As a mortgage is secured against your home or property, it could be repossessed if you do not keep up mortgage repayments. 

About the author 

The Barlow Irvin Team

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