Are you missing out on saving thousands of pounds on your mortgage?
January 27, 2011
If you’ve been sitting on your mortgage lender’s Standard Variable Rate (SVR) then you could be unknowingly wasting thousands of pounds. With the Bank of England keeping its base rate at an all-time low, many believe they’re on the lowest repayment they could have but not in Read more
FSA may introduce new financial qualifications for particular products
January 24, 2011
The Financial Services Authority (FSA) has hinted that it may force financial and mortgage advisors to take additional training and qualifications if they are to advise on certain non-mainstream products or deals that the FSA is concerned may lead to customer dissatisfaction.
With qualifications Read more
Inflation expected to spark rush of remortgages
January 21, 2011
Many mortgage advisors believe the recent media focus on the rising rate of inflation is likely to spark a rush of borrowers seeking a remortgage to a fixed interest rate deal.
The measured rate of inflation (as calculated by the Consumer Prices Index) rose to 3.7 percent last month, almost double the government target of just two percent. When inflation rises, the cost of living grows and the £1 in a person’s pocket will buy them less than it did just a few months ago. Normally when inflation increases over the target, the Bank of England’s response is to Read more
Mortgage advisors remain optimistic about 2011’s mortgage market
January 18, 2011
According to a recent report by TMA (The Mortgage Alliance), 86 percent of its club members expect their business volumes to rise over the forthcoming twelve months.
The mortgage club conducted a survey amongst its Read more
How the change in retirement ages could affect mortgages
January 15, 2011
The removal of the default retirement age (DRA) is likely to have an impact, not only on the way people plan for the latter part of their life financially, but also how mortgage lenders view the terms of their mortgages.
Many lenders will not allow borrowers to extend the term of a mortgage beyond the age of 65, but according to Sue Anderson, speaking on behalf of Read more
5 year mortgage range withdrawn ‘due to unprecedented demand’
January 12, 2011
This week, Skipton Building Society made the decision to withdraw its popular range of 5 yr fixed rate mortgages. The move included the withdrawal of the lender’s Best Buy 90% loan to value option.
According to the Yorkshire-based lender, the decision was Read more
David Cameron encourages lenders to increase mortgage lending
January 9, 2011
Echoing the thoughts of many finance experts, Prime Minister David Cameron voiced concerns that UK banks and building societies have taken steps ‘too far’ in moves that are stopping ‘good risk’ home buyers from acquiring a mortgage.
Mr Cameron warned that Read more
New tracker mortgage from First Direct ‘cheapest’ on market
December 24, 2010
First Direct bank has launched a new tracker mortgage, reportedly the cheapest on the market, in an attempt to lure borrowers away from their existing mortgage lenders’ standard variable rates (SVR), according to an article in The Telegraph. This new deal tracks the Bank of England base rate as just 1.49% above for a period of two years, meaning the current interest rate would be a mere 1.99%.
The bank is offering to cover the usual remortgaging costs such as legal costs, the cost of a standard valuation and any enquiry fee charged by the borrower’s current lender. There is however, a £999 booking fee, although this can be reduced to only £99 if the borrower agrees to pay 1.69% above the base rate instead of 1.49%.
The mortgage deal is aimed at those who do have equity in their home already. Some mortgage advisors believe that many borrowers looking to remortgage at the moment will seek the security of a fixed rate mortgage. Inflation is currently at over 3%, far above its target of 2%, which could lead the Bank of England to review the record low of 0.5% sooner rather than later.
The Bank of England’s Monetary Policy Committee has apparently been split since October in its discussions on how to tackle the matter of inflation and although to date this has meant a standstill, it has been said that the committee is poised to make a move in 2011.
Time could be right to fix your mortgage
December 21, 2010
With interest rates still at a record low, many borrowers have enjoyed low mortgage payments by remaining on a variable rate rather than move to the security of a fixed rate deal. Talk of when will be the right time to switch to a fixed deal has become a regular topic on finance websites in recent months, so with concern from the Bank of England growing, is it really time to consider making the switch? Read more
First time buyer figures set to rise in 2011
December 15, 2010
After a year or two of evaluating the market and of careful savings, reports suggest that the number of first time buyers entering the property market is set to tentatively increase next year.
Around 40 percent of FTBs questioned Read more
