As you’ve no doubt seen or heard in news broadcasts in recent days, the changes made to the Bank of England’s base rate, along with the Chancellor’s mini-budget, has thrown curveballs to many with financial responsibilities such as mortgages. Many lenders have removed deals from the market and mortgage brokers are being faced with clients who are worried about the future of their mortgage, particularly if they are due to remortgage in the next 12 months.

That’s where we can help. Despite the confusion and noise around the changes to mortgage interest rates, our expertise and industry knowledge are still here for you to access to discuss your mortgage needs.

Your options

If your current mortgage deal is looking to end in the next 12 months you have options you can explore now:

If your mortgage is due to end in the next 6 months

• Give us a call to look at securing a deal ahead of your deal coming to an end. Some lenders can lock in deals up to 6 months in advance so it might be worth the discussion now.

Weigh up your Early Redemption Charges against the higher rates

• If you’ve got longer than 6 months on your current deal, the Early Redemption Charges may work out costing you less overall than the higher interest rates that could be in place when your current deal comes to an end.

On a variable or tracker rate?

• Once you know your new mortgage rate following the base rate rise, contact us so we can discuss if you ditch, switch and save – and act quickly, as current rates are being rapidly reviewed and increased. This is especially likely for those on standard variable rate (SVR) mortgages.

Unsure of your options?

• As a mortgage holder, it can be confusing and unclear what the changes mean to you, but if you’re unsure we’d encourage you to pick up the phone and get in touch with us to discuss your current situation so we can advise on the most suitable options.

If you’re struggling to pay

• Avoid missing repayments without first speaking to your lender.

• With the cost of living increasing, many homeowners are struggling to meet their mortgage repayments. Missing a mortgage payment is known as falling into ‘arrears’. You want to try to avoid this as best you can, as it’ll have a serious impact on your ability to get credit in future. So, speak to us, or your lender as soon as you can to discuss your options.

We understand that you may be concerned or just confused about the details as they emerge, but we are prepared and well versed in industry changes, so are here to assist with any mortgage queries you may have.

You may be charged a fee for mortgage advice. The exact amount will depend on your circumstances.

Your home (or property) may be repossessed if you do not keep up repayments on your mortgage or any other debts secured on it. DO

Black & Gold Financial Services is an appointed representative of The Right Mortgage Ltd which is authorised and regulated by the Financial Conduct Authority.