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"Panicking borrowers in my inbox screaming for help"

ended 21. June 2023

Following the dire inflation data published this morning, mortgage broker, Justin Moy, of EHF Mortgages said: "The fear of god has already been put into borrowers this month, and there are plenty of panicking borrowers already in my inbox this morning screaming for help." UK newswire, Newspage, asked brokers if they have been contacted by concerned clients this morning.

5 responses from the Newspage community

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Justin Moy
Managing Director at EHF Mortgages
The fear of god has already been put into borrowers this month, and there are plenty of panicking borrowers already in my inbox this morning screaming for help. I completed three product transfers before 9am this morning. Others are trying to do something now, but are just too early to be able to secure a product transfer from their lender and remortgaging will not be possible. I think many borrowers are very tuned into the economy and the importance of figures such as inflation, and now recognise far better the need to act swiftly. With so many deals expiring in the next 6-9 months, the impact of the base rate increases, and those yet to come, are now truly hitting home.
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Joe Stallard
Director and Advisor at House and Holiday Home Mortgages
We've had a number of clients in touch since early this morning, concerned about what they’re reading. We go over their situations carefully with them and a lot of work at the moment is in reassurance as well as searching for solutions in the eye of the storm. It's definitely time now for some stability back in the mortgage market to stop the panic.
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Luke Thompson
Director at PAB Wealth Management
I have already had four or five people contact me this morning before 9am with regards to their mortgage. What isn't helping is the scaremongering that is happening in the media in relation to everything around the economy. However, it can't be hidden that the latest inflation figures are horrendous and with that in mind I think we could see the highest range for interest rates moving upwards again. Those predictions from the start of this year are already starting to look to be miles out and I think homeowners are going to have to get used to a lot more pain before interest rates start to settle down.
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Graham Cox
Director at Bridging Hub
We're finding clients are holding off on purchases in the expectation rates will eventually fall once inflation is tamed. And that house prices will fall in the meantime. At the moment, new buyer interest has been replaced by tumbleweed. Other clients looking to remortgage are pulling their hair out. Some are on sub-2% rates and are facing a tripling in their interest payments. We're advising them to talk to their existing lender first and see what help they can offer. For some, extending the term, taking in a lodger or selling up may be their only options.
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Gary Bush
Financial Adviser at MortgageShop.com
What we all prayed for, didn't come. The stubborn inflation figure is going to bring continued havoc to UK mortgage rates, starting tomorrow with a likely increase in the Bank of England base rate. We will continue to support applicants through this volatile situation.