The Bank of England has risen the Base Rate again.
The base rate has now increased by another 0.5%! So the base rate now with the bank of England is 2.25%, going up from 1.75% earlier and up from 0.1%, where it was at the beginning of the year. So making sure that lenders will react to this and they'll probably put their rates up again further still. So if you haven't done so, make sure secure and remortgage your fixed rate by getting in contact with us and we'll get that sorted.
Now to manage your expectations lenders are becoming overwhelmed, as is the whole process, which is the legals as well, I looked at Darlington Building Society today (sorry to pick on them) but they have a 26 working day turnaround, so if you submit an application to them, 26working days is over a month before it's assessed, it's 22 working days for most months and then you've even got lenders like (again sorry to pick on) Natwest, they have a 20 working day turnaround. There are some lenders with less and slower turnaround times in this, but it just means that it's more important than ever if you're submitting a mortgage application or thinking about buying or selling your home, you are properly set up.
Now, we do have a number of specialist lenders and legal providers that can make sure that not fast track, because that would be misleading, but can do this at a much swifter pace. Also because of the way that we package cases and send them into lenders, we know what to do and how to get that into them so we can negate some of that time that it's taking to get these cases pushed through, especially if your rates coming upto an end at any time soon. So make sure that you check where you are, you're not procrastinating in regards to getting things sorted out, or you're having a chat with us as soon as you can so we can work out what to do for you and what's the best solution.
Give us a call or drop us an email or come and visit us here at Gatcombe House.
We'll leave our contact details below.
All the best.
