Aaron WhybrowGeneral Manager, Strategic Mortgage Broker

Does you fixed rate affect your next purchase negatively? #bagpipingmortgagebroker #homeloans

Name: Does you fixed rate affect your next purchase negatively? #bagpipingmortgagebroker #homeloans
Uploaded: 2023-03-03T04:07:15Z
Channel: Aaron Whybrow
Description: Aaron Whybrow explains why lenders won't let your low fixed rate (1.99%, 2.29%) help you borrow more. They assess new loans using higher rates like 5% or…

3 Mar 2023

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Aaron Whybrow explains why lenders won't let your low fixed rate (1.99%, 2.29%) help you borrow more. They assess new loans using higher rates like 5% or 5.5% to account for what happens when your fixed period ends. He says he's helped clients unlock borrowing capacity despite this.

Questions this video answers

Aaron Whybrow (self-described as 'bagpipe and mortgage broker').

1.99%, 2.29%, 2.89%.

Around 5% or 5.5% (speaker's examples).

Hey, it's Aaron, your bagpipe and mortgage broker. Did you know that if you have a fixed rate home loan in place for the next couple of years, the bank is not going to accept your rate? When you borrow more money, you get to pay that nice little 1.99 or 2.29 or 2.89 for as long as you need within that fixed rate period. But when you go for more money, they're going to use a 5 or 5.5 on that home loan that you are currently paying because they've got to use what's going to happen when that fixed rate comes off. So we've had some real good success with getting lenders to be able to get the money that people need to refinance, borrow more, release equity, and unlock that borrowing capacity. So if you need your borrowing capacity unlocked, please reach out today.