With the year end closing in fast, and new regulations only just around the corner, we are starting to see some lenders advising their plans for next year. Many lenders have increased targets and AToM has been in contact with a number who are looking to launch or re-launch (having been dormant) during the coming months. The majority of industry pundits, including myself, don’t believe rates will now change until late 2016, or early 2017. So with a slightly quieter market, competition, especially rates, should be fierce for the remainder of this year and moving into next year. This can only be good news for the end consumer.
For those with Buy to Let / Investment property interests, we have seen new lender, Foundation Home Loans, stir up the market as they have launched products with free valuations, free legal costs and will accept customers who have no minimum trading period on employed or a self employed basis and no minimum income requirements. This is in addition to looking at customers who may have had a blip or two on their credit history. Although a recent new entrant to the market, Foundation have an appetite to lend and are innovative. I think we will see a lot more from them in 2016.
Another lender has launched a five year fixed rate for Buy to Lets with a rate sub 4%. This whole sector will remain buoyant while the rental market continues to grow at a substantial pace.
Nationwide House Price Index confirm UK house prices increased by 0.6% in October, with the annual price growth edging up to 3.9% from 3.8% in September. The average house price now stands at £196,807!
And finally…due to an increase in business volumes, we’re looking for staff to join our expanding AToM team. If you know someone in the mortgage sales sector, with the relevant qualifications (or studying towards them) and who likes to be kept very busy, then please ask them to get in touch!