Buyers DON'T PANIC

In a herd like reaction lenders have pulled thousands of mortgage products from the mortgage market within 24 hours following the financial market's bad reaction to the mini budget.

A similar herd response happened at the start of the pandemic but many of the same and similar products returned fairly quickly.  So DON'T PANIC, there is still a lot of buyer demand and a lot of lenders who will want to and need to compete for your business!

So why is everyone else panicking ?

Well 2 reasons mainly

1. Because the mini budget wasn’t accompanied with an Office for Budget Reponsility (OBR) forecast.  The new Prime Minister and Chancellor decided not include the OBR.  The OBR is like a finance market watch dog and their forecasts would give the money markets the heads up that they need and expect.   The markets didn’t like that.  
2. News outlets aren’t factual or impartial, they are 24 hour media entertainment that generate as much drama as they can. The more of it we consume the more they will produce. Bad 'News' sells better than good 'News', sadly. This affects the herd mentality too.

So when will Mortgage Products return ?

The money markets have nearly re-adjusted already – it’s what they do.  They don’t like surprises but they also have a strong fear of missing out.  Further measures are coming from the government to support growth and an OBR forecast is coming too.  The drama will die down to a point where everyone is bored and the markets have re-settled.  When one lender reintroduces a good mortgage product the others will follow for fear of missing the boat.   This should be days, maybe weeks but not months.