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How to deal with mortgage rate shock

Journalist: Lana Clements, The Sun

ended 29. September 2022

Hello, 

I'm writing a quick story this morning for Mortgage Solutions about how brokers are helping clients to dal with rat shock as they remortgage… 

Appreciate any thoughts - thanks! 

 

2 responses from the Newspage community

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Editor
Emma Jones
Managing Director at Whenthebanksaysno.co.uk
We are contacting clients in the last 12 months of the deal to offer them a review to help inform them of what rates will look like if they were to be renewing today. We offer free re-mortgage service for all repeat clients so it is something we feel is the right thing to do for the customers that have stayed with us. We feel this is giving them more time to plan and prepare rather than them being too late and sitting on a SVR rate which could be crippling. Honesty is the best policy and we cannot 'sugar coat' the reality of it being expensive for home owners right now.
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Jamie Lennox
Director at Dimora Mortgages
It's all about educating and early contact with clients to manage their expectations of what is going on in the industry. What do to around their mortgage is not a one-size fits and consumers should be seeking expert advice to manage through these challenging times and to put a plan in place accordingly.