I think 2023 has been one of the most challenging years the market has seen perhaps since the financial crash in 2008.
At the start of the year, lenders were just starting to calm down and reduce rates following the explosive mini-budget.
Only then did inflation bite and it bit hard, this sent rates soaring further than what we have seen in nearly a generation with the Bank of England raising the base rate to a level not seen since May 2001.
We have had to be adaptive in the advice that we give to our clients and manage their expectations, this has been especially important with people who bought during Covid at very low rates who find themselves with rates nearly triple what they were.
The markets are settling again now which is very positive for all the mortgage holders whose deals expire in 2024, but again we will look to manage expectations as the days of ultra-low mortgage rates are unlikely to be seen for a long time.
Jack Tutton is a director at SJ Mortgages
