Mortgage broker in it for the long run
Yesterday’s London Marathon served as a perfect allegory for how this year has played out to date. As a mortgage broker we’re in it for the long run.
Congratulations to our very own Mike Brooker
Firstly, huge congratulations to Rose Capital’s own Mike Brooker for completing this years event in a PB time of 4 hours and 49 mins (this being his 4th Marathon!). Given the conditions and on/off nature of this years event, to pull out a PB is a truly great effort, so well done him.
Adapting to Covid-19
Secondly, this event, for me anyway, summed up where we are with COVID-19 and its knock on impacts.
It was quickly established that 40 odd thousand people closely packed together, running and sharing all manor of fluids probably wasn’t the best idea during a pandemic. That’s before you even get to the tens of thousands of spectators and helpers required to make the event work.
It was also clear from the organizers that it not taking place was not an option. So the race adapted to what we saw yesterday – after a few months delay, thousands of people from all over the world taking part in the ‘London Marathon’. A tracker was provided to all participants, who had to organize their own course and complete 26.2 miles within 24 hour window (00:00-23:59 GMT).
As beautifully illustrated above by Mike covering large chunks of Surrey & Kent. A great example of adaptation, determination, ingenuity and technology from all concerned to make the event work. Even a monsoon couldn’t deter the plucky runners! (Perhaps the weather adding another metaphor for how 2020 has been…)
Getting a mortgage during a pandemic
Seeing this play out reminded me very much of working through lock-down. Initially, we had no idea how to do mortgages during a pandemic!
However, with the same level of determination, adaptation and use of technology we made things work. It seems almost normal now to work from home, arrange online property valuations & conduct both client and team meetings over video calls (although I am very thankful I no longer have to juggle home schooling!).
The mortgage broker community added unbelievable value by assisting our clients at a time when it wasn’t even possible to walk into a Bank or get hold of a Bank adviser on the phone/online without days/weeks delays. The speed at which lenders made huge changes was very commendable. The Broker/Banker relationship is a very Gamekeeper/Poacher one, but at a time of need, we managed to put our egos aside and work for the best interests of our clients.
Without wishing to get too deep on the subject, it does provide a lot of optimism.
While thing may seem very “bad”, with a very uncertain future ahead (and that is before you even get to Brexit…), these two examples show just how adaptable and collaborative humans really are. I stopped watching the news months ago, as it bore no resemblance to the world I see around me. The media (especially “social” media) has a vested interest in highlighting our differences, when in practice I saw nothing but people helping one another (with the notable exception of loo roll for some obscure reason, in which case it was every person for themselves!). Nothing ever lasts forever, so a positive mindset is key.
Every type of mortgage lending available
So perhaps it is a timely reminder that if you use us for your mortgage, every type of lending is available.
Yes, things are taking longer. Yes, it is trickier if you have a small deposit (sub 25%), or complex situation. Yes, banks are making weird decisions & Yes, lenders have slightly reduced the loans they are offering.
But I repeat – everything is still possible. Having been a survivor of the Credit Crunch I had to say this is nowhere near as bad, as banks want to lend and clients want to buy/refinance.
With an experienced mortgage broker on your side you should be able to navigate your way through the current maze to a positive conclusion. There may well be the odd bump and delay, but you’ll get there. Just stay positive during the journey as we will always fight your corner.
In the last week:
3 Month Sterling Libor = down by 0.004% to 0.060%
2 Year SWAP = up by 0.002% to 0.073%
5 Year SWAP = up by 0.009% to 0.191%
2 Year Variable from 1.19%
2 Year Fixed Rates from 1.04%
5 Year Fixed Rates from 1.33%
BTL Rates from 1.14%
The actual rate you will be offered will be dependent on your personal circumstance and deposit level. Please speak to one of our mortgage brokers so that they can guide you through this process
Source: Twenty7Tec October 2020
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Rose Capital Partners Limited is an appointed representative of PRIMIS Mortgage Network, a trading name of Advance Mortgage Funding Limited which is authorised and regulated by the Financial Conduct Authority.