The summer is over, the kids are back to school and the post holiday credit card statements are on their way! Ok, so a bit negative, but don’t panic when they arrive. Debt Management Plans and Payday loans look like an attractive solution and they will be right for some people, however most mortgage lenders are not favourable to these arrangements. If you are looking to change your mortgage, think twice before committing to such a plan. Consolidating debts into one monthly payment via a secured loan or even a total remortgage may be a better option. Obviously securing short term debt in to a longer term loan will inevitably increase the amount of interest paid and professional advice should be sought before going this route.
Some lenders have been trying to boost mortgage volumes by launching products for a limited amount of time. Accord Mortgages launched some superb products for a period of 10 days only. These included cash back, free valuation, low arrangement fees and great rates. A number of lenders took this approach around this time last year and maybe this is the start of things to come. Watch this space and act quickly! Once they’re gone, they’re gone.
Other lenders have made movements in the mortgage market over the last week or so, including rate reductions by Co-Op Bank, Tesco Bank, Santander, Coventry, Virgin Money and Skipton, to name but a few. Lenders want your business, so make sure you shop around and do your homework.
August was a superb month for AToM. Completion numbers, those taking out mortgage loans, were the best for nearly four years! Thank you to all those who have been using AToM’s services, we really do appreciate it.