Mortgage brokers are seeing a steady trade as those carrying mortgages seek solutions to a steep jump in mortgage payments come time for renewal.
Those who locked in at rates at, or below, 2 per cent will likely never see those record-low rates again, and many who are up for renewal are turning to mortgage brokers to try to find the most affordable rate possible.
Rob Jennings of East Coast Mortgage Brokers in St. John’s says it’s been a very busy time, and the people coming to him are different from those seen in the past.
He says many people may think of the typical young family just starting out and buying their first home, but they’re seeing more older clients who are carrying mortgages well into retirement “because of inflation, the increased cost of living, and the lack of pensions.” They’re also seeing a lot of spousal buyouts due to separations.