Following disappointing inflation figures the Bank of England recently decided to increase the base rate from 4.5% to 5%. This is higher than forecasters had widely predicted and is the highest rate since 2008 following thirteen consecutive rises. The move has caused a great deal of uncertainty in the mortgage market, with many lenders struggling to keep up with the fast pace of change which has led to a sudden increase in mortgage rates across the market. Many lenders have raised their rates or indeed removed them altogether in response to the Bank of England's decision, plunging the UK mortgage market into mayhem and leaving borrowers facing higher monthly repayments and reducing their chances of getting approved for a mortgage.
Amidst all this chaos, there is one group of professionals who are ideally placed to assist borrowers in navigating the fast-paced mortgage world: mortgage brokers. Mortgage brokers can offer a range of benefits to borrowers, including access to a wide range of lenders and products, and expert advice on the most appropriate mortgage deals available. A mortgage broker can help borrowers to find the right deal for their individual circumstances and can provide valuable guidance on the mortgage application process as well as assisting them with any queries they may have from mortgage application to completion on their new home or re-mortgage.
In conclusion, the mortgage market in the UK is currently experiencing a period of upheaval and uncertainty. However, by working with a mortgage broker, borrowers can take advantage of the expertise and knowledge of these professionals and can navigate the fast-paced mortgage world with confidence and ease.
If we can help you with your mortgage or re-mortgage at this time please do not hesitate to book an appointment now.
**Your home may be repossessed if you do not keep up repayments on your mortgage. **
Content accurate at point of publication and is subject to change – 29 June 2023