Mortgage Market Uncertainty

What’s happening with mortgage market uncertainty and mortgage rates?

Unfortunately it’s changing on a daily basis as of 5 Oct 22 when this article was written, the situation was as follows:

A series of unfunded tax cuts announced by the new Chancellor of the Exchequer, Kwasi Kwarteng, forced the Bank of England to issue an emergency statement pledging to lift rates ‘as much as needed’ to control inflation, following major volatility caused to the pound and UK gilts. The Bank of England has already raised the base rate seven times from 0.1% to 2.25% since December, which has pushed up the cost of borrowing, because the swap rates banks use to price fixed-rate deals have also risen sharply. These swap rates jumped rapidly in the aftermath of the Chancellor’s Mini-Budget on 23 September, which sent government borrowing costs soaring.

MORTGAGE MARKET UNCERTAINTY

As a result of the uncertainty over future interest rates, many lenders within days of the Mini-Budget pulled nearly a thousand mortgage deals from the market. First-time buyers and those looking to remortgage are likely to be most affected. Subsequently, there have been reports of some property sales falling through as lenders backed out of previously agreed mortgage deals due to market uncertainty.

CURRENT MORTGAGE

The Halifax, part of Lloyds Banking Group, put up the interest rates on a range of deals for new borrowers to well over 5%. ‘The new rates reflect the continued increase in mortgage market pricing over recent weeks’, a spokesperson for Halifax said. According to Moneyfacts, the interest rate on a typical two-year fixed rate mortgage has now breached 6% for the first time in 14 years. An average of at least 100,000 people a month are coming to the end of their current mortgage and face a significant rise in their monthly repayments.

HIGHER INCREASE

The interest rate on a new, average two-year fixed deal on the morning of the Mini-Budget fiscal event was 4.74%, compared with 6.07% on 5 October. The result of this, for somebody borrowing £200,000 on a 30-year mortgage, is in the region of an additional £170 a month on repayments. A five-year fixed deal has typically risen from 4.75% to 5.97% over the same period. Following the Mini-Budget, mortgage rates subsequently jumped with the expectation of a faster and higher increase in the bank rate in the coming months. Other major lenders such as NatWest, Nationwide and Virgin Money have also increased their rates.

MONTHLY REPAYMENT

Moneyfacts highlighted a scenario whereby a homeowner borrowing £200,000 on a 30-year mortgage may have been looking at a rate of 3.5% and a monthly repayment of£898 during mid-September. But at the time of writing this article on 5 October, this is more likely to have risen to a 5.5% rate and a monthly repayment of £1,135. On the morning of the Mini-Budget there were 3,961 deals available, compared with 2,262 at the start of October, a 43% fall, according to Moneyfacts.

MORTGAGE PRODUCTS

We do not know what will happen to the market next and there is a real mortgage market uncertainty. If the Bank of England leaves interest rates unchanged then lenders will have more certainty and more mortgage products will return, but if the pound falls again there is a greater chance of a Bank of England reaction, and affordability is likely to decline further. However, economic clarity provided by clear forecasts from the Office for Budget Responsibility should eventually feed through to stop the increases, or see some reversal in mortgage rates. During her speech at the Conservative Party conference on Wednesday 5 October, Prime Minister Liz Truss said that the government ‘will do what we can’ to support homeowners. However, she said that the benchmark interest rate was set independently by the Bank of England.

Updated: The situation is still changing on a daily basis, now more than ever, you are encouraged to use a Mortgage Broker (Martin Lewis of Money Saving Expert.com in his article on how to find a mortgage broker recommends you use one.)

If you are concerned about the mortgage market uncertainty and the rise in mortgage rates it is essential you seek professional advice to assess the options and deals available
to you right now. To discuss your situation, speak to Yes Mortgage Services Limited – telephone 0800 6125596 – email andrew@ yes-ms.co.uk.

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Irrespective of whether you are looking to buy a new home, re-mortgage an existing property, or looking to protect your family from the unpredictability that life throws at it or protect your income if you are unable to work due to accident or ill health.

Yes Mortgage Services are committed to offering you the highest possible standards of service. We can undertake the whole process from answering the initial questions through to handling multiple product applications. Ensuring that everyone gets treated with the same urgency and maintaining your best interests are our main goals irrespective of the value of the mortgage.

We recognise that both we and our customers have everything to gain if we look after your best interests and treat you fairly in all aspect of our dealings with you.

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Tap the link in our bio to learn more, or call us on 0800 612 5596 to arrange a chat. ⁣
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Our friendly mortgage advisors are here to help. We have access to a comprehensive panel of lenders to ensure we research the most suitable mortgage solution for your needs. And the best bit? We don`t charge a broker fee!⁣

Tap the link in our bio to learn more, or call us on 0800 612 5596 to arrange a chat. ⁣

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Your property may be repossessed if you do not keep up repayments on your mortgage. Yes Mortgage Services Limited do not charge a broker fee.⁣

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Your property may be repossessed if you do not keep up repayments on your mortgage. Yes Mortgage Services Limited do not charge a broker fee.⁣
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Buying your first home can feel a little daunting and maybe even a bit scary at times. ⁣

But we`re here to guide you every step of the way so you can feel comfortable and confident throughout the entire process 🙌⁣

Our free expert advice covers everything from saving for your deposit, getting your credit score healthy and your finances ready, right through to choosing the right building surveys and solicitors.⁣

We`ll cut through the jargon, talk through all of your questions (there`s no such thing as a silly question in our minds), and guide you through finding the most suitable mortgage for your circumstances 🏡⁣

The best bit is we don`t charge a broker fee! - send us a message or give us a call on 0800 612 5596.⁣

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Your property may be repossessed if you do not keep up repayments on your mortgage. Yes Mortgage Services Limited do not charge a broker fee.⁣

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Our amazing team of experts are always on hand to find the right mortgage solution for you and to answer any questions you might have. Send us a message, or call us on 0800 612 5596.⁣
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Your property may be repossessed if you do not keep up repayments on your mortgage. Yes Mortgage Services Limited do not charge a broker fee.⁣
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Our amazing team of experts are always on hand to find the right mortgage solution for you and to answer any questions you might have. Send us a message, or call us on 0800 612 5596.⁣

...⁣

Your property may be repossessed if you do not keep up repayments on your mortgage. Yes Mortgage Services Limited do not charge a broker fee.⁣

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#mortgageadvisor #nobrokerfee #dorset #mortgagesmadesimple #dorsetbusiness #ukpropertymarket
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More and more investors are buying properties within a Limited Company to keep things tax efficient. ⁣

But when it comes to refinancing or purchasing your new investment property, the process of getting a mortgage can feel challenging.⁣

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Our Specialist Mortgage Advisors know which Mortgage Lenders are used to working with Limited Company Buy to Let portfolios. They`ll find you the most suitable deal and save you time and money by managing your mortgage application from start to finish. ⁣

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Your property may be repossessed if you do not keep up repayments on your mortgage. Yes Mortgage Services Limited do not charge a broker fee.⁣

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We believe in providing quality financial advice to everyone, regardless of their financial status. ⁣
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That's why we don't charge a broker fee 🤩⁣
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We'll look after you for the lifetime of your mortgage/home ownership, ensuring you never pay more than you should on your loan. Whether you're remortgaging, moving home, or making any subsequent property purchase, we've got you covered.⁣
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That`s why we don`t charge a broker fee 🤩⁣

We`ll look after you for the lifetime of your mortgage/home ownership, ensuring you never pay more than you should on your loan. Whether you`re remortgaging, moving home, or making any subsequent property purchase, we`ve got you covered.⁣

Visit our website (🔗 in bio) to learn more.⁣

...⁣


Your property may be repossessed if you do not keep up repayments on your mortgage. Yes Mortgage Services Limited do not charge a broker fee.⁣

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#mortgagetips #mortgageexpert #devonproperty #bournemouthbusiness #southcoastuk #mortgagebroker #mortgageuk #ringwood #hampshireuk #mortgageadviser
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Your property may be repossessed if you do not keep up repayments on your mortgage.  Yes Mortgage Services Limited do not charge a broker fee.⁣
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#selfemployedmortgage #selfemployedmortgages #selfemployed #dorsetbusiness #bournemouthbusiness

Being self-employed has its perks, but when it comes to getting a mortgage, things can get a little tricky. But you don`t have to navigate this process alone.⁣

We have access to a wide range of lenders and a deep understanding of what each one looks for when it comes to self-employed mortgages. Meaning we can find the most appropriate lender for your circumstances and needs!⁣

And the best bit? We don`t charge a broker fee 🤩⁣

If you`d like to chat with one of our advisors about self-employed mortgages give us a call on 0800 612 5596 or send us a DM⁣
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Your property may be repossessed if you do not keep up repayments on your mortgage. Yes Mortgage Services Limited do not charge a broker fee.⁣

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A JSPB mortgage enables you to accept the financial support of your family while retaining a sense of independence through sole ownership of your property.⁣
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Your property may be repossessed if you do not keep up repayments on your mortgage. Yes Mortgage Services Limited do not charge a broker fee.⁣
⁣
...⁣
⁣
#firsttimebuyeruk #firstimehomebuyers #propertyladder #firsttimehomeowners #firsttimebuyertips #JSPBmortgage

A JSPB mortgage enables you to accept the financial support of your family while retaining a sense of independence through sole ownership of your property.⁣

If you`d like to chat with one of our advisors about Joint Borrower Sole Proprietor Mortgages or buying your first home, give us a call on 0800 612 5596 or send us a DM⁣

...⁣


Your property may be repossessed if you do not keep up repayments on your mortgage. Yes Mortgage Services Limited do not charge a broker fee.⁣

...⁣

#firsttimebuyeruk #firstimehomebuyers #propertyladder #firsttimehomeowners #firsttimebuyertips #JSPBmortgage
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Life throws curveballs, don't let a leaky roof be one! Building insurance provides peace of mind knowing your home's structure is covered. Talk to Kelly, our insurance advisor, to find the right coverage for your mortgage.⁣
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Get in touch on 0800 612 5596 or tap the link in our bio.⁣
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Life throws curveballs, don`t let a leaky roof be one! Building insurance provides peace of mind knowing your home`s structure is covered. Talk to Kelly, our insurance advisor, to find the right coverage for your mortgage.⁣

Get in touch on 0800 612 5596 or tap the link in our bio.⁣

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1 0
Connor joined our team back in July 2017!  He's lived all around the Southwest, from Cornwall to Bristol, and now he's found his sweet spot in Wellington, Somerset—right between the two!⁣
⁣
When he's not crunching numbers, you'll find him whipping up some delicious dishes, hosting get-togethers with friends and family or enjoying the delights at his local cider farm🍺🌿⁣
⁣
All of our mortgage advisors (Connor included) are ready to help you whether you're looking to remortgage, buy your first home, or upgrade to a new one. The best bit is we don't charge a broker fee! Get in touch on 0800 612 5596 or send us a DM⁣
⁣
⁣
...⁣
⁣
Your property may be repossessed if you do not keep up repayments on your mortgage. Yes Mortgage Services Limited do not charge a broker fee.⁣
⁣
...⁣
⁣
#ukmortgage #mortgagesuk #wellingtonsomerset  #mortgageexperts #westcountry

Connor joined our team back in July 2017! He`s lived all around the Southwest, from Cornwall to Bristol, and now he`s found his sweet spot in Wellington, Somerset—right between the two!⁣

When he`s not crunching numbers, you`ll find him whipping up some delicious dishes, hosting get-togethers with friends and family or enjoying the delights at his local cider farm🍺🌿⁣

All of our mortgage advisors (Connor included) are ready to help you whether you`re looking to remortgage, buy your first home, or upgrade to a new one. The best bit is we don`t charge a broker fee! Get in touch on 0800 612 5596 or send us a DM⁣


...⁣

Your property may be repossessed if you do not keep up repayments on your mortgage. Yes Mortgage Services Limited do not charge a broker fee.⁣

...⁣

#ukmortgage #mortgagesuk #wellingtonsomerset #mortgageexperts #westcountry
...

4 0
We're flying the flag for Somerset! ⁣
⁣
With a team spread across the Southwest, we're proudly celebrating #SomersetDay and sending a special shoutout to our amazing mortgage advisor, Connor, who's lucky enough to live there.⁣
⁣
Let's have a bit of fun - how many of these places can you name? Share your score in the comments 👇⁣
⁣
⁣
...⁣
⁣
#somersetlife #loveforsomerset #visitsomerset #somerset #somersetday

We`re flying the flag for Somerset! ⁣

With a team spread across the Southwest, we`re proudly celebrating #SomersetDay and sending a special shoutout to our amazing mortgage advisor, Connor, who`s lucky enough to live there.⁣

Let`s have a bit of fun - how many of these places can you name? Share your score in the comments 👇⁣


...⁣

#somersetlife #loveforsomerset #visitsomerset #somerset #somersetday
...

4 0