_Volatile lending market means being ‘mortgage ready’ is essential

As we edge ever closer to election day, the main political parties have done their best to rip apart each other’s manifestoes, and journalists maintain their attempts to trip up politicians on their figures. Polls continue to swing hugely, and in fact the only thing we can predict with any certainty, is that anything can happen!

Simon Gammon June 02, 2017

Meanwhile, with so much change in the last few weeks the deals available in the mortgage market have also been changing rapidly. There have been “blink and you miss it” deals – mortgage rates offered for a week or less before they are withdrawn again, and also the launch of the lowest-ever 5-year fixed rate deal from a major bank.

These moves are typical of a market where there is stiff competition among lenders to take on new customers. However deals that are only offered for a short period are also a symptom of an avalanche of applications from prospective borrowers, leading to lenders shutting the doors as they process them.

In this type of market, it is very important for prospective home buyers to be “mortgage-ready”. The significant increase in paperwork needed to secure a home loan these days mean that you need to be prepared. Mortgage brokers can work with borrowers before they even apply for a loan to make sure that they are ahead of the game, potentially putting themselves in a good position to secure the best rates, and take advantage of some of the lowest-rate mortgages which have ever been offered.

If you are thinking of buying therefore, connecting with a quality mortgage advisor well ahead of commencing the property search could serve you very well.