Over the past couple of weeks, we’ve seen mortgage rates move up… and now they are starting to ease again, with many lenders reducing their rates over the past couple of weeks.
For most people, that kind of movement is frustrating and confusing.
But if your mortgage is structured and managed properly, it can work in your favour.
The part most people don’t realise
When you secure a mortgage, it’s easy to think the job is done.
In reality, there can often be several weeks – sometimes months – between agreeing your deal and completing your mortgage.
And during that time, the market doesn’t stand still.
Rates can go up.
Rates can come down.
New products can be launched.
If no one is reviewing this for you, there’s a risk you complete on a deal that is already out of date.
Where a good mortgage broker really adds value
This is where using a broker properly makes a difference.
At Barlow Irvin, we don’t just arrange your mortgage and leave it there.
We continue to monitor the market throughout the process and review your deal before completion. If a better option becomes available, we can look to switch you onto it.
That means you’re not just getting a good deal at the start, you’re giving yourself the best possible chance of being on the right deal when everything completes.
What we’re seeing right now
With rates increasing recently and now starting to settle slightly, we are already seeing situations where it’s worth reviewing options before completion.
This isn’t about chasing every small movement in the market. It’s about making sure you’re not locked into something that no longer represents the best available option.
The key takeaway
The most effective approach in this kind of market is simple:
Secure a deal early, but don’t switch off.
You can lock something in to protect yourself, while keeping things under review in case the market moves in your favour
If you’re currently in the process
If you’re:
Buying a property
Remortgaging in the next 6 months
Or already part way through your mortgage application
It’s worth making sure your deal is still the right one.
If you’d like us to review your options or sense check where you are, just get in touch.
Barlow Irvin – your mortgage, properly managed from start to finish.
As a mortgage is secured against your home or property, it could be repossessed if you do not keep up mortgage repayments.