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MORTGAGE RATES RISING SHARPLY – MARKET DISRUPTION RETURNS
With offices in Fulham, Westminster & Pimlico, Chelsea & Belgravia, and Nine Elms & Vauxhall, Garton Jones brings you this week’s key mortgage market update.
Key Changes This Week
Mortgage Rates Rising Again
Rates have moved back up sharply due to rising swap rates and global instability. Lenders have withdrawn hundreds of deals and repriced products higher within days. Global events (oil shock, Middle East conflict) are now directly impacting UK mortgage pricing.
House Prices Starting to Soften
UK house prices fell around 0.5% in March, reversing earlier gains. This is helping to improve mortgage affordability slightly.
Lending Conditions Being Eased
Lenders are loosening criteria (affordability rules, income multiples) to support lending volumes. More deals are now available at higher LTVs and with higher income multiples.
Shift Back to a Broker-Led Market
With rates becoming less predictable, advice is becoming even more important. We can help your clients secure the right deal in this changing environment.
If you have any questions, please reach out to a member of our team who would be happy to provide you with more information.
