Help & Advice with the current mortgage market
Our team is working hard to guide clients, their colleagues, family members & friends through the current mortgage market, prepare for future purchase & remortgage transactions whilst providing advice and guidance at this confusing time
We are offering free advice to our clients & community regarding any concerns that they may have and welcome you to pop into one of our offices and have a chat to a local specialist.
We have also listed some of the common questions we are receiving:
I have a mortgage offer in place, will I lose my rate?:
No you won't!! Your mortgage rate is booked at the time of application submission, once your offer is issued this is legally binding until the expiry date. It is advised to ensure that completion is set before this expiry date.
I am thinking of renegotiating the price on my purchase, will this affect me?:
If there are any material changes to your application following application submission or mortgage offer, then your lender may make you choose a product from their current range. All checks will also be subject to current stress rates and affordability calculators which may have changed since your original application so please speak to your broker before you agree to any changes.
I am thinking of paying my early repayment charge (ERC) to secure a deal now before rates increase again:
Please speak to your broker before you do this. It may not be financially beneficial to you to do this, depending on the amount of your early repayment charge, current rates and when your current deal ends.
I heard that lenders have withdrawn all of their mortgages, what does this mean?:
Following the government mini budget, some lenders temporarily withdrew products while they repriced in line with the BoE base rate increase. This did not mean they withdrew from the market, there are products and lenders available to lend, this was only for a short period.
My lender has offered me another rate so it's best if I just switch with them:
This isn't necessarily the case; some lenders offer exclusive rates through your broker and there may be a better deal for you either with your current lender or with someone new.
If you have any questions, please do not hesitate to contact us. If you are not local, then please call on 0208 761 6777 or email us on info@elysianfinance.co.uk