The Retirement Planning Mortgage has no maximum age and will allow customers to borrow up to 70% of the property value, 40% of which can be on an interest only basis.
We’re hearing that a number of lenders are struggling to get enough qualified mortgage advisers into their branches in time for MMR (Mortgage Market Review) which comes in to effect on 26th April. This means that with such shortages on advisers, some borrowers are having to wait as long as a month to see an in-house mortgage adviser. Remember that ‘whole of market’ mortgage brokerages could possibly offer these lenders products, and quickly, so review your options.
The number of house purchase loans shot up by 33% on an annual basis in February, according to the Council of Mortgage Lenders. The value of purchase loans in February reached £7.8bn, an increase of 47% from the same time in 2013. A total of £3.5bn was advanced to remortgage borrowers in the month, up 29.6% from a year earlier.
Finally, The Newcastle Building Society has launched two new 95% loan to value products with no reservation or booking fees. With rates starting from 5.39% (and a five year fixed at 5.49%), they will not set the world alight, but do present another option to a consumer needing a manual assessment, rather than a tick box high street lender. At the same time the Mansfield Building society has reduced its 95% loan to value products by 0.5% down to 4.49% but only for those who live in their designated postcode areas. Slightly restrictive lending!