The sudden unexpected decrease in the Bank of England base rate to 0.10% to combat the effects of Covid-19 caught the market by surprise and in particular mortgage lenders offering base rate tracker products. Consequently, the market adjustment to this incredibly low rate, saw many lenders move to withdraw their tracker products immediately and to rethink their strategy. For the lucky few that had already secured what they thought was an incredible rate, the next few weeks or months may prove to be a much-needed reprieve financially as they reap the rewards of such a cut to the base rate. The mortgage market changes incredibly quickly in situations like these and to prove this, we can reveal that Nationwide B/S and The Mortgage Works are the first to release tracker products from Wednesday 25th March 2020 to take into account the new base rate change and these rates will become effective from 1st April 2020 for all illustrations and mortgage offers.
Never has it been more prudent to engage a mortgage advisory business to make sure that you really do find the most appropriate product with an attractive rate to match. Some lenders have temporarily closed their doors to new business to ensure that they can manage their existing mortgage customers especially in their hour of need during the Covid-19 lockdown.
If you are on a standard variable rate, discounted or fixed rate product that is coming to an end or doesn’t seem favourable, get in touch, we will be able to either affirm what you are being offered as being value for money, or help you secure something better. As a whole of market advisory business, we have access to a plethora of lenders and of course will be able to source something for everyone. Rather than assume what you are being offered is the best the market can offer, let us help you to make an intelligent decision based upon our knowledge and experience.
Similarly, Life Assurance offices are also scrutinising their protection products and are also adapting their coverage to take account of the potential impact of Covid-19. If you were thinking about changing or applying for something to offer maximum protection to your family circumstances, it would be wise to speak to a professional first. Sometimes keeping what you have can be a wise move and so let us help you make these informed decisions.