Reflecting on a challenging year in the mortgage market

This has been the year of war, strikes, doom, chaos, uncertainty and working three times as hard! Just when you thought nothing could get any worse, 2023 went off with a bang meaning swap rates changing everytime you blinked.

The markets were spooked! Websites of multinational banks crashed, and mortgage product rates were pulled with little or no notice.

As quickly as we were quoting, rates were gone again in a whirlwind and increased. We were working ridiculously long hours to get applications in and secured.

On the whole, we were successful! We have had the reverse of this the second half of the year with rates decreasing at the same pace with multiple rate changes on applications and product transfers- customers saving money at last!

Lenders certainly found the flaws in their processes too this year. 2024 is a wish for much better communication, remember the customer is always at the end of what we do no matter who you are in the process. Here’s to being ever hopeful.

Michelle Lawson is a director at Lawson Financial