The war of the lenders and what it means for consumers

There has been fierce competition between lenders for a while now. Just when you think they can’t drop rates any lower, someone will bring out a new deal that is marginally lower than the last ‘best’ rate.

Charlotte Nelson, of the Moneyfacts website, said that current times are seeing lenders compete with each other, each trying to offer the lowest rate and capture the headlines. As they all prepare for the inevitable rate rise by the Bank of England, they are going all out to entice new customers to boost their share of the market, their goal being that this will help to replace any potential future loss following a rate increase.

Their thoughts are echoed by https://www.beaconfinancialtraining.co.uk/wp-content/uploads/2020/06/cemap-online-and-classroom-training-uk.jpg Harris, who is the chief executive of SPF Private Clients, a mortgage broker firm. He commented:

“With mortgage rates already at record lows, it is hard to see how they could get any cheaper. But swap rates are falling and lenders are keen to do strong volumes of lending before any uncertainty surfaces around the general election.”

As a mortgage professional, you will be a vital part in your customers’ mortgage journeys. They will seek your support and advice on the best mortgage deals for their individual circumstances. You will be best placed to help, having undertaken your CeMAP training and passed the end exam, you will be able to interview effectively whilst adhering to all regulatory requirements of the Financial Conduct Authority (FCA). Your product range will be dependent on your employer, and whether you are tied to one particular lender or are a broker with access to a panel of lenders.



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