Jade Pinkerton thinks Martin Lewis is wrong about mortgage rates
Recently, celebrity finance expert Martin Lewis was plastered all over social media because of some controversial comments he made about mortgage rates. On television and on various media platforms, he said that some people are holding off arranging their mortgage or getting a rate, and that the market thinks rates will come down so that’s a good reason to do this. However, as mortgage brokers with over 25 years of experience, we do not agree! In this blog, one of our senior mortgage brokers at Oportfolio Jade Pinkerton shares her views on Martin Lewis’s potentially misinformed comments to borrowers.
Martin Lewis Is Wrong About Holding Off On Securing Mortgage Rates
When it comes to securing your new mortgage, the answer is always to get yourself a good advisor that can help! A good one that is willing to get the best result for their client, will guide you through the process, and can keep an eye on the rates and amend your case throughout.
As we know, anything can happen. There are unfortunately very few guarantees when it comes to property finance. Rates could go up as well as down, and lenders could change their criteria and affordability calculators. On this point, Lewis is absolutely right in thinking that things could fluctuate and you never know for certain what the future might hold. But the idea of sitting and waiting for something to happen is frankly quite dangerous in our opinion.
Leaving things open causes delays, uncertainty and leaves that ‘big job’ still on your to do list – constantly in the back of your mind. In fact, we have seen some clients delay making decisions, and actually leaving it too late to do things like remortgage. Meaning that instead of the whole market to choose from, they have limited options if they want to complete quickly before their current remortgage rate expires.
Delaying Your Mortgage Can Mean You Lose Your New Property
In some extreme cases we have also seen buyers try to delay their mortgage purchase process too, but losing the property as the sellers solicitors check on the case and learn that the mortgage application hasn’t started yet. This can lead to the sellers feeling that the buyers are leading them on, and they ultimately put the property back on the market again.
These are just two examples of why holding off on securing mortgage rates can be a massive issue. Both of which can easily be avoided, while still having access to new rates that may be introduced into the market in the future and may be better.
In almost all of our cases at Oportfolio, we can submit the case based on the best options available at the time, then we keep an eye on the market in the following months. If a better option becomes available, we update our clients, produce new mortgage rates illustration documents for them, and simply amend the case to the new lower rate. It is as simple as that. This doesn’t cause delays or start the process all over again, it is just a rate change, so no need for new documents or delays.
Speak To A Mortgage Broker
Martin Lewis has a lot of good insights, tips, and advice, and he rightly deserves to be a finance expert in the public eye, however there are some things that he is simply wrong about. It takes a mortgage expert to be able to give mortgage advice and guidance. Yes mortgage rates are coming down, but who knows when they could stop going down, who knows when they could go up? Speaking to an expert now, securing a mortgage rate, and then allowing your advisor to follow the market and secure you a better rate when one comes available is much better than sitting and waiting for something to happen. If you or anyone you know is interested in purchasing a property, remortgage their home, or financing a buy-to-let, then please feel free to give our team of experts a call today.
