Trinity Financial's client interviewed by The Sunday Times - A tale of two mortgage fixes
A year ago the mortgage market went into meltdown — some fixed new deals just in time, others made decisions they are still paying for today, says George Nixon.
Just before the budget madness, Victoria Kirby’s broker (Trinity Financial director Scott Rochester) persuaded her to lock in a five-year fix — and she could not be more relieved.
The hairdresser, from Wimbledon, southwest London, had been sitting pretty on a two-year fix at 1.89 per cent that ran until December 2022. But her adviser from the firm Trinity Financial nudged her to act early and secure a new deal on August 4.
Aaron Strutt from the mortgage broker Trinity Financial told The Sunday Times: “We constantly speak to people who wish that they had locked into one of the super cheap rates. It was not long ago that there were sub-2-per-cent ten-year fixes available. People would love to have that level of security now.”
The week after the mini-budget spelt chaos as mortgage deals were pulled from the market — 41 per cent disappeared between September 26 and September 30 when lenders rushed to reprice. “Brokers were sending out emails to clients saying, ‘This rate is available,’ and before you could even reply the rate was gone,” Strutt said.
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