The Guardian and Telegraph were keen to highlight that lenders have started to pull their lowest-priced deals as they prepare for an interest rate rise. At least 10 lenders have raised their mortgage rates this month already.
Experts in The Times encouraged borrowers who have taken advantage of the Government’s Help to Buy scheme to start planning their remortgage ahead of time, so they don’t spend unnecessary time on lenders’ standard variable rates. It reports that it can take 8-10 weeks to get approval for the equity loan paperwork from the administration company appointed for Help to Buy.
The Financial Times reported on the future of mortgages on your Smartphone, highlighting that European rules due next year will accelerate changes in technology, as bank statements and data could be passed to potential mortgage lenders at the click of a button.
It suggests that this may lead to borrowers spurning the advice they need, leaving them with no redress if the mortgage turns out to be unsuitable. It says that purchasing the wrong sofa online is one thing – but accepting the wrong mortgage is quite another!
What the papers said about grabbing a cheap fixed rate deal