09/01/2023
💥TIME FOR MYTH BUSTING SOME OF THIS S #!T IN THE MEDIA!!💥
Quite frankly I am fed up of having the same conversations with clients on the back of the bulls #!t that the media is putting out right now!
❌ Average mortgage fixed rate deal = 5.8%
✔️ Nationwide:
5% Deposit = 5.89%
15% Deposit 5.09%
✔️ HSBC:
10% Deposit = 5.34%
25% Deposit = 4.89%
There are hundreds of mortgage lenders out there, all with varying criteria! Average there is 5.3% and this is based on First Time Buyers, purchasing! Rates for re-mortgage purposes are lower than this!
❌ Housing market is 'beginning to slow'...
✔️ A 1.5% decrease on an artificially inflated house price, this is expected. Lets put this is real terms. During 2019, average house prices fell by around 1.5%, before increasing again in 2020! Please take this in context, short term, house prices fluctuate up and down!
- 'Prices fell by 0.1% month-on-month - a much smaller decline than in the previous couple of months' ~ Nationwide
❌Mortgage rates are rising...
✔️ In the last 7 days, we have had emails from over 10 lenders REDUCING there mortgage products!
❌ Mortgage lending is at its lowest is 2 years!
✔️ Lenders have been dealing with un-precedence levels of business from early 2022, meaning that mortgage money pots have been running low! This static does not include millions of people who successfully secured a new rate with their current lender!
❌Kathryn states that her mortgage application was agreed at over £300 more than her initial decision in principle.
✔️ A mortgage product is only ever secured on FULL MORTGAGE APPLICATION, not at decision in principle. She was unlucky in that she was caught in the cross-fire of interest hikes, this was absolutely nothing personal against her or the fact she was a first time buyer.
❌DO NOT use the BBC mortgage calculator to 'estimate' your increases.
✔️ Speak to your bank directly OR speak to a fully qualifies mortgage advisor who will be able to give you a thorough financial review from the whole of the market! We can check at anytime and give you tailored advice to you.
❌Average mortgage increases are £250. This is incredibly generic!
✔️ You're payment will likely be going up, but it may not be this drastic or have to be so significant. Speak to a professional to work out exactly what this could look like for you.
Please stop 'estimating the average' of what you should do or what could happen. Your mortgage journey is completely unique! Stop this rubbish terrifying you into submission. Speak to someone who can help you.
☎️ 07570 169209
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