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Rates rising - don't get caught out
amnblog
Posts: 12,761 Forumite
We are hearing that Santander, Woolwich, and Nat West will all be putting up their rates next week.
If your broker is waiting on you to progress a mortgage application contact them first thing tomorrow to beat any rises.
If your broker is waiting on you to progress a mortgage application contact them first thing tomorrow to beat any rises.
I am a Mortgage Broker
You should note that this site doesn't check my status as a Mortgage Broker, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.
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Even though Nationwide lowered theirs a week or so ago?0
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Rates change (up and down) every day, let alone every week - but there seems a likelihood that a (reasonably gentle) general rate rise is likely in the coming days.Hi, we’ve had to remove your signature. If you’re not sure why please read the forum rules or email the forum team if you’re still unsure - MSE ForumTeam0
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I think natwest are a little busy at the minute? That would probably explain their rate rise it helps to stem the flow of business?I am a Mortgage AdviserYou should note that this site doesn't check my status as a mortgage adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0
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what will happen to those applications which have already been submitted?0
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As ACG says. The main cause of rate changes is a lenders intention to alter the flow of business in line with their targets. Not necessarily to do with longer term increases in rates.
Hence Nationwide can be going one way whilst Nat West are going another.I am a Mortgage Broker
You should note that this site doesn't check my status as a Mortgage Broker, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0 -
Hopefully that means nationwide are less busy right now. Broker is coming on Tuesday to do my application.
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It means they will be swamped.I am a Mortgage Broker
You should note that this site doesn't check my status as a Mortgage Broker, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0 -
Are lenders finally running out of cheap funds, i.e. drawdown all the funds under the Governments funding for lending scheme.0
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I suspect they used that up a long tme ago. It was stopped towards the end of 2013 wasnt it?
One lender came out and said they had managed to secure enough to last them for 12 months. I imagine the bigger lenders ran out a lot sooner.I am a Mortgage AdviserYou should note that this site doesn't check my status as a mortgage adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0 -
This happens every year in q3 and q4 as lenders get a feel for their performance against target and business balances.
It is more about not 'running out of money'.
It is about loss of appetite.I am a Mortgage Broker
You should note that this site doesn't check my status as a Mortgage Broker, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0
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