Virgin Money has just announced rate changes from 8pm today… see screengrab. UK newswire, Newspage, asked brokers for their views.<img src="https://cdn.newspage.media/production/company/43/files/346b9aa759ecd5b595f7104d75b8d420b50015dfa977b6576545a346865a8af3b05adb21aee4db2d4ceb2b4fdf9b7923d302d85a0131d0748ef1f4cac6fbf171.webp">

mortgages

Rate change at 8pm! Virgin Money

The carnage continues and is getting ridiculous. I'm currently on hold to NatWest (30 minutes and counting) to discuss a possible new mortgage as they have just announced that they are withdrawing rates at 10.30 pm tonight. Do the lenders think that the future is this uncertain? After all SWAP rates have started to come down again, so what is this all about really?

Craig Fish

I’m driven by a passion for clear, no-nonsense advice - always delivered in plain English. That might be my northern roots showing, but I believe in cutting through the jargon and getting straight to the point, while still meeting all the necessary regulatory requirements.

If I can help you, I will. If I can’t, I’ll say so. I won’t waste your time. This honest, straight-talking approach, combined with empathy and a genuine understanding of each client’s situation is why so many people come back to me time and time again, and why they often refer me to their friends and family.

In today’s world of post-pandemic, post-credit crunch mortgage lending, it can sometimes feel like lenders are doing everything they can to avoid doing business. That’s where my determination really comes into play. If I believe in a case, I’ll go further than most to get it over the line. I don’t give up easily, and I’ll always fight for the right outcome.

What you’ll get from me is honest, impartial advice, delivered in plain English by someone who genuinely cares. You won’t get jargon, waffle, pressure to buy, or broken promises. Just straightforward support from someone who’s in your corner.

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48 Hours notice used to the be the norm, then it moved to 24 hours and now it seems perfectly acceptable to all lenders to give little or no notice to brokers and their clients. These now make me laugh. Virgin close at 5pm but are happy for us to work until 8pm desperately trying to hit the deadline they have imposed to ensure that their future clients are treated fairly. Hardly a balanced relationship is it?

Matthew Jackson

Matthew has worked in financial services for over 20 years , previously having held senior positions at Countrywide, CMME and John Charcol and co-founded Mint FS in 2019. 

He holds an array of financial qualifications, including CeMAP and Advanced CeMAP, as well as CeARL, CeRCC and CeSRE and is an expert in both the mortgage and property industry's.

These last-minute communications just add to the stress of the situation. Decisions on rate changes and repricing must give everyone the opportunity to react in a controlled manner, especially when the increases are hefty and make a real difference to a borrower. On a £200,000 mortgage, a 0.5% change in rate is worth approximately £2000 in interest over two years, and as brokers, we want to do what's right for borrowers and save them money. However, the need to react so quickly creates a difficult environment for everyone.

Justin Moy

Independent Mortgage and Protection Brokers, based in Essex, helping clients across the UK. Over 35 years in Financial Services, the last 17 years as a Mortgage Broker.

These brief and concise notifications regarding product withdrawals have become the prevailing standard in the mortgage industry, and it is imperative for us as brokers to embrace and acclimatise to this new reality. They signify the state of the current mortgage market and the inherent volatility of swap rates, which directly impact mortgage rates. Presently, I am only accepting a limited number of appointments, as this allows me ample time to diligently handle and submit applications.

Anil Mistry

We help the self-employed and business owners, buy residential and investment property, without the stress, hassle, and anxiety, by following our unique process. We search through thousands of mortgages from 75+ lenders. We can still help even if you’re not self-employed or a business owner.

Poof, and just like that, another broker hikes up their rates It’s not going to be long till we see Orlando, is Adam, at least half a percent to the current rates

Rate change at 8pm! Virgin Money

5 responses from the Newspage community
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Craig Fish

Director at Lodestone Mortgages

Matthew Jackson

Director at Mint FS

Justin Moy

Managing Director at EHF Mortgages

Anil Mistry

Director and Mortgage Broker at RNR Mortgage Solutions

Paul Neal

Mortgages & Equity Release Advisor at First Choice Financial Services

5 responses from the Newspage communityCopy all

5 responses from the Newspage community
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