I can’t ignore the headline of the week, from Atom Bank (not related!), who have launched a market leading five year fixed rate at just 1.29%. This is available to those with a 40% deposit and has just a £900 fee. They have also launched an 80% loan to value (LTV) fix at 1.49% and a 90% LTV at 1.99%, both with a £900 fee and for five years. APRCs will relate to individual circumstances and obviously terms and conditions apply! What is for sure is that these are so good, they are in huge demand, have been covered by all the major consumer websites including Martin Lewis, etc and won’t be around for long, so be quick! Only a few brokers in
West Sussex have access to this product…
Long term fixed rates won’t be for everyone as you are tied in for the full five years and will have a redemption penalty to pay should you repay the mortgage early. However, they tend to be portable and thus can be taken with you, subject to the lenders criteria, should you move house.
Atom Bank do a lot of their functionality via an app, including voice and face recognition. Impressive hi-tech stuff indeed.
Already, most people will start their home buying process via the Rightmoves and Zooplas of the world, but some commentators are also predicting that the whole home buying process will soon become a digital revolution. With more effective use of technology cutting down the mortgage process, and many lenders now processing everything online, I can see how that can happen.
However, at the same time, I can also see many customers just wanting to speak to someone face to face. Especially those who have not grown up with technology! Plus, as mortgage volumes are increasing, we will see more and more customers fall out of the ‘technology only’ bracket. So explore all options and if the technology becomes to confusing, pick up the phone!