A review of the national press for the weekend of 5th and 6th April
The main concern in the weekend papers was securing a good rate quickly, as big lenders withdrew mortgage products and First Direct closed its doors to new customers.
The Daily Telegraph provided a guide for buyers and sellers looking to secure a good rate in the current mortgage market, advising potential borrowers to act quickly once they were offered a competitive deal. The Mail on Sunday reported that rates are being withdrawn daily and along with the Times, suggested using a mortgage broker, who can look at the whole of the market and will often have a better idea of lender’s next movements.
The Sunday Express advised borrowers to try to bag a new mortgage months before their current deal ends, to avoid soaring rates. With most lenders expected to continue rising rates over the coming months, experts are urging homeowners to start looking for their next deal sooner rather than later.
Elsewhere, the Sunday Telegraph and Sunday Times looked at how lenders have changed their criteria for young professionals and high earners, respectively. Accordingly, it is now more difficult than ever to secure a good deal, even if a potential borrower has a big deposit, high income and good credit rating. Across the press, the message was clear: competitive mortgage deals are fast disappearing and acting quickly is very important. Lending policies are becoming stricter, so use a broker who should know who will lend to you, based on your circumstances.