There is no doubt that the financial industry was disturbed by increased government borrowing to fund tax reductions and help to reduce energy costs across homes and businesses, resulting in higher interest rates.
Some mortgage lenders have now withdrawn certain products, forced to review viability for their customers. However, buyers and those coming to the end of existing agreements should still be able secure new deals.
In a changing market, mortgage brokers invariably have exclusive access to details of lenders’ new deals and criteria for borrowers to qualify. Employment status and income, as well as credit history and other financial commitments are standard, but loans may also depend on the type of property – whether new or established and requiring work.
Some of the latest products may be offered with bigger deposits or fixed rate terms up to ten years; interest only deals may also be available.
The key is not to panic, seek early advice well in advance of an existing contract coming to the end of its term or prior to making an offer on a property you wish to buy.
Our experienced advisers at The Mortgage Centres are available to discuss options best suited to individual financial priorities. Just give us a call.