Advising clients in a changed mortgage world

Patel, who owns and runs Mortgages Online, says the market is probably not pleasant for some advisers, particularly those who have entered the sector in the past three years and only experienced interest rate drops.

“Even the past 10 years have had a slightly rosy picture. Of course, Covid was a rollercoaster emotionally and psychologically but interest rates still went down and fast. The rise has been equally as rapid,” he says.

“Any government printing money at the rate the Labour Coalition Government did to protect people against job losses and keep businesses afloat during the pandemic can only lead to inflation and eventually higher living costs.”  

This year about 54% of fixed mortgages will rollover to higher interest rates making it difficult for clients in the midst of a cost-of-living crisis.