Lenders are still Lending

28 September 2022

In the last 24 hours there has been a record drop in the choice of mortgage products, according to Moneyfacts.co.uk.

Lenders are increasing mortgage rates and withdrawing products with following chancellor Kwasi Kwarteng's statement on Friday, September 23. A number of banks have including Halifax, Virgin Money and Santander have acted swiftly following the government announcing the biggest tax cuts in half a century alongside increased borrowing to lower energy bills.

It is clear that recent announcements have placed the market in turmoil. However, it is important to note that many mortgage lenders are still offering deals. Flagstone has an experienced team of 20 qualified financial advisors that are constantly working with each other to ensure we support our clients as the market changes on an hourly basis.

We want to help keep our clients moving. As one of the largest introducers of mortgages in the UK, we retain key account status with all major lenders and are able access to a large number of exclusive mortgage rates to our clients.

If you are on a variable or tracker rate and in a position to change to a new mortgage, we recommend that you get in touch with us so that we can ensure that you have the widest selection of options available to you.

Mark Lawrinson, Operations Director, Residential Sales at Beresfords said: “Whilst the economic market is suffering an element of turmoil at present leading to the removal of mortgage products, we aren’t seeing this translate to activity within the housing market. The appetite from buyers remains strong and in August we saw an increase in new properties coming to the market across our network compared to the previous year.

What is evident is that buyers and sellers need to ensure they are prepared fully for the buying a selling process. Flagstone are able to source products from the whole market to aid in obtaining a mortgage, you should also ensure you appoint a reputable local solicitor with instruction given at the earliest opportunity and prior to any offers being accepted, this will enable the conveyancing process to get underway immediately when people do secure a property or an offer on their property. The current impact we are seeing is buyers having to pull out of transactions due to the timescale it is taking to work through the conveyancing process which is resulting in the expiration of mortgage offers and a subsequent unaffordable increase in a new mortgage offer – Buyers and sellers need to ensure they have the best team of people around them in the agent they choose, the financial advisor and solicitor.”

 To discuss your situation and see how we can support you, please contact Matt Dempsey CeMAP on 01245 287900 or email via m.dempsey@flagstone.co.uk.

YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP WITH THE REPAYMENTS ON YOUR MORTGAGE.