The Halifax House Price Index suggests that house prices increased 2.2% in March. They reportthat the average house price now sits at £163,803. A spokesperson commented that the end of the Stamp Duty holiday period for First Time Buyers at the end of March probably helpedto increase sales and support prices. A mortgage is the […]
Category: Blogs
Don’t miss the rates, use a Broker
More mortgage product pulls this week resulting in rate increases. Both Nationwide and Accord withdrew products only giving one hours notice to book the funds. In short, this meant that we had an hour to upload a full application on to the lenders systems to book the rate and secure the funds. One minute over […]
Mortgage ‘prisoners’ need protection
I’m really trying to move on from the number of lenders shying away from interest only as a style of mortgage repayment offering, yet more and more keep joining the band wagon! Coventry Building Society followed Nationwide last week in restricting interest only lending to 50% loan to value. This week, Skipton Building Society has […]
Visit our Lender day on 28th March
Would you like to know more about Short Term Lending / Bridging Finance / Chain Break Finance? If so, AToM is hosting a free to attend lender presentation event on Wednesday 28th March at 6.30pm at Horsham Park Barn. This is an open invitation to all Customers, Estate Agents, Solicitors, Mortgage Brokers, IFAs and any […]
..introducing the Retirement Mortgage
More lenders have joined in the latest trend of increasing their Standard Variable Rate (SVR). This is the Lenders own rate of interest, and the rate which a customer normally reverts to once their specific product (i.e fixed rate) period comes to an end. The latest change comes from Yorkshire/Clydesdale who increased their SVR from […]
Lenders are increasing SVRs now too!
Many existing customers with the Halifax will shortly receive a letter confirming that their Standard Variable Rate will increase from 3.50% to 3.99% on 1st May. Not a nice letter to receive, but it is within the lenders power and will affect between a reported 600,000 – 850,000 customers. A spokesman for the lender says […]
Product rates are on the up…
Over the last seven days, we’ve seen nearly every lender pull their products and, in the main, increase rates across the board. Is this a time to panic? I’m really not sure. Who can predict the future and what is around the corner? Fixed rates on offer at the moment are very attractive and some […]
More restrictions on Interest Only loans
Interest Only remains in the Spotlight this week as Lloyds Banking Group and Leeds Building society impose restrictions on those wishing to obtain an interest only mortgage. This is following Santander’s interest only loan reduction last week and Barclays/Woolwich previous to that. Although Santander reduced the maximum LTV on interest only to 50%, they did […]
The spotlight is on Interest Only…
Mortgage lending is certainly becoming interesting again! During the last week Santander reduced the maximum loan they will accept on an Interest Only basis to just 50% of the property value (down from 75%). I expect that this, partly at least, is in direct response to the growing concern that many borrowers with this type […]
Short Term Lending is flourishing
The ‘Short Term Lending’ market is flourishing. Specifically geared at speedily arranged loans, normally with a monthly rate of interest and pre-agreed with an ‘exit’ route, the term‘Bridging Finance’ is quickly becoming a household name. With many lenders in the market, offering loans up to 75% of the property value (sometimes higher with additional security […]