Rates on the rise

The Bank of England has raised interest rates to 3% – the largest rise in interest rates in 33 years following the recent September increase where rates climbed from 1.75% to 2.25%. This 0.75 percentage point increase marks the eighth rise since December 2021 when the Bank rate stood at just 0.1%. It also puts the Bank rate at its highest level for 14 years.

Volatility and media hype

In addition to the rising Bank rate, recent weeks of political and economic chaos have impacted how the media are talking about mortgages. It is true that major lenders including NatWest, Barclays, Halifax and Virgin Money all pulled deals, however this was down to the uncertainty following the mini budget announcement. Mortgage packages have come back online and the appointment of Rishi Sunak as the new Prime Minister has helped to settle the markets.

Should you panic?

No, at least not before speaking with a qualified Mortgage advisor. We have been receiving a number of calls and emails from customers who are scared that they are unsure if they can afford to carry on living in their homes, or indeed continue with their planned purchases. Flagstone has access to over 2,500 mortgage products and in most cases, we have seen that we have been able to provide our customers with solutions that are much more favourable than the extreme situations that are being shared across various media outlets.

We’re here to help you

As one of the largest introducers of mortgages in the UK we work closely with a number of estate agents and other introducers, such as builders, accountants and solicitors, offering independent mortgage and protection advice. Due to our close relationships, we benefit from a large number of exclusive mortgage rates not available to the general public.
Our team have vast experience in the mortgage market and we are able to guide you through the whole process of buying and remortgaging – ultimately passing on these exclusive benefits to our customers.

Call our team on 01245 287900 or email our online expert Matt Dempsey CeMAP via m.dempsey@flagstone.onyx-sites.io to find out more about our access to lenders who are offering better deals than you might be aware of, and certainly better deals than are being reported in the media.