Volatile market highlights the value of a mortgage broker – John Charcol

Mortgage broker John Charcol has outlined the importance and value provided by mortgage brokers in the current unstable market, urging borrowers to adopt a flexible approach.

In the current volatile mortgage market, many lenders have been applying significant rate increases and criteria changes, and now as mortgage rates are coming down – John Charcol reports that lenders’ affordability calculations are easing up.

The broker also called on borrowers to adopt a flexible approach, as well as seeking the advice of a mortgage broker to ensure they are getting the best deal.

Nick Mendes, mortgage technical manager at John Charcol, said: “There is real value in using a mortgage broker in the current market.

“A broker will understand your specific needs and circumstances, so will be able to navigate both product criteria and rates, as well as keeping you informed on any improved rate reductions.

“In today’s market, with rates and criteria improving, the question is no longer about losing out – but on whether you’re going to get a better deal in six months’ time when rates continue to change.

“Securing a deal through a broker, means that they can amend and improve your deal months later, with the majority of lenders, if things have changed in your favour.”

For example, someone coming off a fixed rate mortgage in six months time could sign up to another fixed rate now – but review and change this to a better deal with the same or different lender, if needed.

A mortgage broker can help borrowers navigate the mortgage market to ensure they get the best rate at the right time, and even negotiate with the lender on their behalf.