Over the past few weeks we have seen mortgage rates come down and mortgage products become more competitive again. Whilst this is great news for the market as we head into 2024 this has had an impact on the here and now and delayed transactions exchanging in January.

A mortgage broker is obliged to inform a client if their rates are coming down because their lender has launched a new product. Obviously buyers are not going to pass up an opportunity of saving a few £££ a month BUT this means that a new mortgage offer needs to be applied for, processed and issued.

A Solicitor cannot exchange on an out of date mortgage offer or an offer that shows an incorrect product. Due to the volume of ‘new rates’ from lenders there is now an admin queue for new offers being issued. In a chain where there are potentially a few ‘new offers’ needed we have seen delays of a couple of weeks. Given we are working off the back of the Christmas ad New Year break this has had a further impact.

It’s all positive as we head into Spring but the above gives you bit of an explanation if you are wondering as a business why your exchanges have been down or more painful to get over the line over the last few weeks.

Feel free to talk to us now in more detail – 07449 338008 or davewalker@swiftexchangeltd.com