Posts in Category: Mortgages

Time to review your mortgage? 

Monday, February 10, 2014 12:51:00 PM Categories: Mortgages

Now that Christmas and New Year have come and gone it's time to get back to the business of saving our clients money!

The mortgage market is changing dramatically this year and with rates also set to rise in the near future now is the time to review your mortgage.

Furthermore, as property prices are also now increasing we are finding there are cheaper rates available due to an increase in the equity content within the property.

There are VERY large savings to be made.  Alternatively, if you are on an interest only mortgage you may be able to switch to a repayment mortgage FOR THE SAME COST.

You simply need to contact us for a quote to see what your personal situation is and, indeed, please do recommend us to family and friends.

Mortgage advisers hit the town 

Wednesday, June 19, 2013 2:08:00 PM Categories: Mortgages Whichers IFA

Two of our mortgage advisors, Samantha Agate and Samantha Cox, attended the Legal & General Mortgage Awards on Friday 14th June as a guest of our L&G consultant, Bob Adams.

The awards recognise lender activity over the last 12 months and were voted for by member brokers in March this year against a series of criteria including products, service, sales and marketing.

Sam A certainly enjoyed it more than her previous weekend (see post below).....

UK housing market shows sales lift 

Monday, March 11, 2013 3:28:00 PM Categories: Mortgages

UK house sales hit their highest level in more than two-and-a-half years in February, but the figures do not signal a housing boom, surveyors say. The Royal Institution of Chartered Surveyors (Rics) said nearly 17 homes were sold per surveyor in the three months to February.

The rise in sales was set to continue, Rics said, even though inquiries from potential buyers had failed to pick up since January's cold snap. Prices were also relatively unchanged.

The number of homes being sold at present in the UK is about half the total seen in 2007 before the financial crisis hit, according to figures from HM Revenue and Customs. The housing market has had little momentum in recent years, although a number of government schemes have assisted the market for new homes.

However, many borrowers have found it tough to raise the deposit required by lenders to secure a home loan.

Banks reduce loans, in spite of Funding for Lending 

Sunday, March 03, 2013 11:14:00 AM Categories: Economy Mortgages

The number of loans being offered by banks has continued to fall in spite of the Funding for Lending Scheme (FLS). The scheme, which began in August last year, was designed to encourage banks to lend more money, both to individuals and businesses.

However, the Bank of England has announced that net lending fell by more than £2.4bn in the final quarter of last year. Lloyds was amongst the banks that lent less, while Barclays lent more.

In total, £80bn is being made available to banks at reduced interest rates, but only if they guarantee to lend that money on to Britain's small and medium-sized businesses, as well as individuals.

Long-term mortgage rates fall to record lows 

Sunday, February 10, 2013 4:43:00 PM Categories: Mortgages

Interest rates on some new mortgages fixed for five years have fallen to the lowest levels on record. There are currently 16 lenders offering mortgage loans at less than 3%, if borrowers can put down large deposits.

Rates below 3% were first launched last summer, typically at either 2.95% or 2.99%. Even cheaper deals have now emerged, thanks to the Bank of England's Funding for Lending Scheme (FLS), which was launched last August. This is offering up to £60bn of cheap funds to banks and building societies, if they then lend the money to individuals and businesses.

Ray Boulger, of mortgage brokers John Charcoal, said that FLS was definitely driving greater competition among lenders. "The number of very cheap deals has been rising for the last few weeks," he said. "We have also seen lenders cutting rates for people with just 20% or even 15% deposits."

If you would like to discuss this further please get in touch

Confidence low for first-time buyers 

Monday, December 17, 2012 11:39:00 AM Categories: Mortgages

One in four prospective first-time buyers believe it will take them at least 10 years to have a deposit in place, a survey has suggested. The report from the Building Societies Association (BSA) said that pessimism in the market remained.

The quarterly property tracker conducted by the BSA found one in five first-time buyers believed they would still be renting or living with family in 2022. It said that before the financial crisis of 2008 hit, 88% of first-time buyers were able to raise a deposit in five years of less, but at the end of 2012 just 62% felt they would be able to save for a deposit in five years.

However, while it said raising a deposit was still the biggest barrier for all UK home buyers, the survey also pointed towards a small improvement in sentiment.

Around 59% of respondents said saving for a deposit was a barrier to buying a property in December, down from 62% in September and 64% in December 2011.

Repossessions drop to 18-month low 

Monday, August 13, 2012 1:20:00 PM Categories: Mortgages

The number of homes being repossessed in the UK has fallen to its lowest level since the end of 2010, says the Council of Mortgage Lenders (CML). There were just 8,500 repossessions in the second quarter of the year, down from 9,600 in the first quarter.

The drop has come despite the economy falling into recession and the high level of unemployment.

The CML said repossessions were being suppressed by low interest rates and help for unemployed mortgage borrowers.

As always, if you have any concerns or would like to discuss your options please get in touch.

UK housing market is 'still in the doldrums' 

Monday, August 06, 2012 1:15:00 PM Categories: Mortgages

The UK housing market is still in the doldrums, figures from the Halifax show. Its latest monthly survey shows that prices fell by 0.6% in July compared with June, to leave the average house price across the country at £161,094.

This means that average prices are also 0.6% lower than a year ago.

The Halifax predicted that there would be little change in the remainder of this year, unless the recession becomes worse.

As always, if you would like to discuss your situation or have any questions please get in touch.

Concerned about your mortgage? 

Monday, March 12, 2012 11:48:00 AM Categories: Mortgages

You may be aware that a number of mortgage lenders have been increasing their Standard Variable Rates (SVRs) on their mortgages recently. While we do not see the Bank of England Base Rate going up in the near future this does not mean that SVRs will not continue to increase, as the costs for banks to borrow money has also been rising.

We have also started to see signs that mortgage product interest rates in general have started to rise so, if this is of concern to you, please get in touch through the Contact Us section of the site.