BBC Interview Lonsdale Mortgage Brokers regarding rate rise

Thursday 22 September, 2022

Oliver Rea-Jayson, mortgage broker in our St Albans office was recently contacted by the BBC and interviewed by BBC TV reporter Andy Verity.  The BBC wanted to speak to a local mortgage broker in St Albans regarding the impact rising interest rates was having on their customers.

Oliver Rea-Jayson, Mortgage Adviser, St Albans, Hertfordshire said:

‘I was interviewed by the BBC for comments regarding the recent interest rate rise.  As I told Andy Verity it was only last year, we could secure fixed rate mortgages at around 1.2% but now given the recent interest rate rises the cheapest fixed rate deals are coming in at over 3.0%.  Our concern is that so many customers are now trying to re-mortgage or organise a fixed rate deal, the lenders are overstretched.  This is affecting our customers because they are having to wait longer for offers.  Historically we could provide mortgage offers to customers in just 10 days but now we could be waiting up to 40 days to confirm a product choice.  As we’re having to wait so much longer for confirmation, our customers are concerned interest rates will rise in the meantime, or lenders might pull the product as they are currently inundated with demand.’

Oliver Rea-Jayson, mortgage adviser in the mortgage broking team in St Albans, Hertfordshire continued:

‘On 22^nd September 2022 the Bank of England raised base rate from 1.75% to 2.25%.  This increase is an attempt to slow the rate of prices rising and counter inflation.  Interest rates have now risen for a seventh time in a row.  The last time interest rates were this high was during the 2008 financial crisis.  This is alarming news for anyone looking to secure a mortgage or remortgage soon.  We recommend that if you are in this position, you contact your local Lonsdale Mortgage broker in St Albans, Chippenham, or Lichfield. We have access to the mortgage market so we can compare products and check what providers can offer.  We provide personalised mortgage advice for your financial situation.  Although it is often taking longer to agree a mortgage deal, many of these deals will be guaranteed for six months once agreed, so we recommend you contact us as soon as possible.

In Summary…

If you are concerned that interest rate rises will impact your mortgage repayments call our Lonsdale Mortgage brokers for mortgage advice on 01727 845500 or complete our booking consultation and one of our mortgage brokers will call you back.

Your home may be repossessed if you do not keep up repayments on your mortgage.

 

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