Mortgage advisors urging people across Derbyshire to not panic

Some lenders have stopped offering mortgages as they wait to find out how the Bank of England will respond to rising inflation

Author: Olivia DaviesPublished 30th Sep 2022

After a week where we've seen turmoil on the market and cost of living fears rise again.

Here in Derbyshire - we've been putting your worries and concerns to the experts.

Today (Friday 30 September) the Prime Minister and Chancellor have met with the UK's budget watchdog, in what's being seen as a move to reassure markets and voters.

It was an unusual appointment, but the Treasury's denied they were emergency talks after a week of economic turmoil following the government's mini-budget.

Lyndsey Fairhurst is from Midavlyn Mortgages in Glossop

She says:

"People are going to be really, really worried at the moment with everything going up utilities, shopping everything, but your mortgage is going to be one of the bills, that's probably the most important that you pay.

"So what I would say is that if you are in financial difficulty, make sure that you speak to your lender at the earliest opportunity because there is things that they can do."

Lyndsey also has advice for those currently looking for a new mortgage:

"There's still plenty of lenders that are looking to lend and want to do business there's a few that have temporarily come out of the market they're just waiting to see what happens so that they can make sure that they are in the best position to help the clients."

Before urging people to speak to their lenders:

"They can extend your mortgage term come to a payment arrangements with you put you on interest only. They're not there to take your house away from you. They are there to help you and they have a duty of care to help you.

"And they do know times are hard. If you look at something as soon as possible, then at least it's going to put your mind at rest and you can sleep at night."

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