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Mortgage deals

Journalist: Connie Dimsdale, The i newspaper

ended 25. July 2023

Hi everyone, I'm looking to speak with mortgage brokers and case studies about how quickly mortgage rates are disappearing at the moment. 

It has been reported that the average shelf life of a mortgage deal was 12 days between June and July. The previous low was 15 days, after the mini-Budget. 

Keen to speak with: 
a) Mortgage brokers to contextualise how quickly mortgage deals are disappearing 

b) People who are currently shopping around for a new mortgage deals 

6 responses from the Newspage community

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Editor
Mike Staton
Director at Staton Mortgages
Whilst some lenders are pulling rates from the market, other lenders are introducing rates. Only yesterday did I receive an email from a lender announcing rate reductions this week. My advice for people shopping around is to see a broker. If you are doing this yourself then by the time you have searched the small amount of mortgages that are available to the public, the cheapest one you originally found will probably be gone.

Brokers also need to be more proactive, there is no point in complaining when a product is pulled, you need to prepare your clients for this fast-moving market and cover your own backside. Rates will get pulled and are predominantly not reserved until the full application has been submitted, this has always been the case. Get over it!
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Ranald Mitchell
Director at bad credit mortgage specialists Charwin Mortgages
Happy to chat about the nightmare that is the current market. No sooner is a remortgage sold, is unsold. If we were bricklayers, we would be building the wall three times for the same pay! email ranald.mitchell@charwinpc.co.uk call 01603216881 or mobile 07986731983
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Premium
Elliott Benson
Owner at Sett Mortgages
When I first started advising I could see a client on a Monday, get their case prepared for application, book them in to sign for the mortgage and apply on a Friday and have no worry that the product would disappear in that time.

Now once a client has an offer accepted it is a race against time to get it signed for as you never know when a lender will send out an email with a 5pm rate increase or a rate increase from 9am the next day.

I have even been halfway through an application with one major lender when they withdrew products with immediate effect meaning I was kicked off the system and couldn't proceed.

You have to be very fast indeed at the moment
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Kirsty Wells
Director at Blueprint Mortgages & Protection
It feels that some lenders are changing rates more often than 12 days currently. Natwest for instance brought out rates which were available from the 12th July but some of these rates were only available until the 19th July as new increased interest rates were available from the 24th July, with most products at 90% ltv increased.

Clients are not having time to think about which lender to go with or which product to submit, as soon as we make a recommendation we are having to make clients aware that this product could be pulled with little or no notice given at all.


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Jamie Lennox
Director at Dimora Mortgages
Happy to chat through our experience of the last few months with rate withdrawals and the short life span of deals being available. 07810827251 or jamie@dimoramortgages.co.uk
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Paul Welch
Founder and CEO at Largemortgageloans.com
Amid market uncertainty over inflation and the Base Rate, lenders are frequently tweaking their fixed mortgage rates – sometimes as often as 2-3 times a month. With mere hours' notice before changes kick in, brokers face a daunting task: honouring quoted rates and clinching the deal before rates jump. The landscape is challenging for those in the middle.
Happy to talk through this with you - either myself or my colleague Mark (mark.pattanshetti@largemortgageloans.com)