Mortgage News

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  • loanarranger
    replied
    Well it didn’t take long before the 1st lender announced an increase in mortgage rates, Platform Homeloans announced an increase of 44 basis points , other lenders announced the withdrawal of Very keenly priced products prior to launching “new rates”

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  • royw
    replied
    Higher mortgage interest rates, marginal increase in savings rates = nice big bonus for bankers. Cynical, moi?

    Leave a comment:


  • theartfullodger
    replied
    Today's "Times" (prop Rupert Murdoch) cartoon by the great Peter Brookes (he's unkind to everyone..)
    .
    Note the feet...
    methode_times_prod_web_bin_0aabf068-3820-11ec-8ef4-8e6db1a4b82a.jpg

    Leave a comment:


  • theartfullodger
    replied
    As I boringly remark, I had a (for then) large mortgage 15th Nov 1979 when BoE rates reached 17% under Thatcher, an increase of iirc 7% in just over a year. That was painful, even with two decent salaries coming in.

    If I'd got sick, lost job, more financial stress it might have meant disaster for me.

    Good luck folks, belt tightening time!

    Will post today's Times cartoon later with a message as you our present position.

    Leave a comment:


  • loanarranger
    replied
    I think the increase in savings rates might be a bit premature , certainly some institutions have marginally increased savings rates in the last few weeks but I doubt whether it will be in direct correlation to the level of increase in lending rates. A case of hope springs eternal and the glass is half full and not empty !!

    Thanks for your response

    Leave a comment:


  • landlord-man
    replied
    Mortgage rates up - savings rates up.

    About time savers had some good news!!

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  • landlord-man
    replied
    Mortgage rates up - savings rates up.

    About time savers had some good news!!

    Leave a comment:


  • landlord-man
    replied
    About time savers had some good news!!

    Leave a comment:


  • loanarranger
    replied
    The following was produced in a leading Mortgage Intermediary publication which should prompt everyone with mortgages coming to the end of their incentive periods to review what options are available.




    Homeowners are being told to prepare for a 13 per cent increase in their mortgage interest costs by 2023 as rates are forecast to rise to rein back inflation.



    Expectations for rising mortgage interest costs predicted by the Office for Budget Responsibility (OBR) were buried in the Budget documents. They show that the OBR expects mortgage interest costs to start rising next year before reaching an average 13 per cent increase in 2023.

    The forecast runs alongside the OBR’s projection that inflation will peak at 4.4 per cent in Q2 2022 before falling back towards the government target of two per cent throughout 2023.

    The OBR’s forecast shows that following a fall in interest costs for most of this year they will begin to gradually rise in the first half of 2022 before speeding up in quarter three, rising 7.4 per cent before hitting 11.4 per cent by the end of the year. An average rise of five per cent in mortgage costs is anticipated for the year.

    By quarter two of 2023, the OBR predicts mortgage cost rises will peak at 14.8 per cent before beginning to fall to 10 per cent in Q4.

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  • loanarranger
    replied
    As Victor Meldrew would say "I just don't believe it"

    Immediately after the budget , Nat West , Barclays , HSBC, TSB have announced increases in residential mortgage rates which according to analysts would mean an additional £400 in the annual costs of a variable rated mortgage but will equally be reflected in new mortgage pricing.
    As Mr Scrooge would say Bah Humbug Bankers.

    Leave a comment:


  • loanarranger
    replied
    Is this a portent of things to come ??

    Given recent comment on stagflation , this afternoon Nat West has become the first lender to announce an increase in mortgage rates, whilst these apply currently to Regulated House Purchase/Remortgage applications , it will be interesting to see if this trend were to develop and cross over to Buy to Let and replicated by other lenders.

    I will update over the coming weeks.

    Leave a comment:


  • loanarranger
    replied
    Times they are a changing

    First time Landlords have todate been excluded by lenders from buying their 1st property which is an HMO, today one of the relatively new lenders have listened to its broker community by offering such facilities up to 70% on either a 2 or 5 years , rates are slightly higher than those available for experienced landlords but a positive stance for those seeking a higher yield from such properties. The Completion Fee is 1.5%

    Leave a comment:


  • loanarranger
    replied
    NOT SURE WHAT IS GOING ON IN THE MORTGAGE / PROPERTY MARKET !!

    Given the media reports of high demand for property across most of England resulting in properties being sold at significantly higher prices and the failing service of lenders , solicitors in providing speedy service to applicants/clients, I am somewhat surprised that over the last three weeks and accelerating this week, there has been a marked increase in the number of lenders who are sending out bulletins to brokers announcing of a reduction in many of their mortgage rates both for residential house purchase but also Buy to Let. Given that there has been no change in interest rates it really does raise the question of why , surely the focus should be on dealing expeditiously with the cases in hand before doing battle for an increased share of the mortgage market. From my own perspective I fear it could potentially all end in tears should there be a correction in the property market and rates have to be increased to combat the signs of a significant rise in Inflation. My hope is that I am proved wrong but I cannot help but express my concerns.

    Leave a comment:


  • loanarranger
    replied
    Halifax improves the transparency for Non UK Nationals
    Halifax overhauls mortgage criteria for all non-UK national applicants

    by: Owain Thomas

    Halifax is overhauling its mortgage application criteria for all non-UK nationals following Brexit.


    Many lenders have been making changes to rules for European Economic Area (EEA) nationals but Halifax is applying these to non-European citizens as well, meaning all international applicants will have to meet the same criteria.

    Where all applicants have lived in the UK for more than five years, or the loan to value (LTV) is less than or equal to 75 per cent, or where the applicants’ income is at least £100,000, no permanent right to reside will be required.

    When proof of permanent right to reside is required for any applicant, advisers must provide it for all customers on the application.

    To determine if a customer has lived in the UK for more than five years Halifax will use credit reference agency data but may still require proof of residence for more than five years.

    Application income will include both incomes on a joint application and is the total of basic, overtime, bonus and commission for employed applicants or the latest year’s income for self-employed customers, plus pension income.

    “This new simplified criteria applies a consistent approach for both EEA and non-EEA customers and will make it easier for you to know in advance if an application will be accepted,” the lender said in a message to brokers.

    The new criteria applies to all full applications submitted from 8 April 2021 and new further advance applications.

    Any decision in principle (DIP) keyed before this date but then submitted as a full application from 8 April will also be subject to the new criteria.


    Permanent right to reside can include:
    • As part of the EU Settlement Scheme EEA, EU and Swiss citizens, living in the UK by 31 December 2020 can apply to continue to live in the UK after 30 June 2021 and will receive one of two statuses which are both acceptable:
      • Settled status (awarded where they have lived in UK for at least five years and also known as ‘indefinite leave to remain under the EU Settlement Scheme’).
      • Pre-settled status (awarded where lived in the UK for less than five years and they can re apply for settled status after five years continuous residence in UK has been reached).
    • Indefinite leave to enter or remain.
    • Republic of Ireland citizens do not need to apply under the EU Settlement Scheme and have automatic permanent right to reside in the UK.

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  • loanarranger
    replied
    Skipton breaks the mould

    I am pleased to advise that Skipton have launched a 95% residential mortgage facility for both First Time Buyers as well as movers and Shared ownership.
    There are two fixed rate facilities , a 2 yr Fix at 3.95% and a 5 Yr Fix at 4.09%: again in line with other lenders their rates are higher than the norm but for those seeking the max LtV this is a welcome change particularly for Home Movers.
    It only needs a few of the larger lenders to extend to the Home Mover element and others like the Nationwide will come into the fray in the meantime they are staying on the sidelines just waiting !!

    Leave a comment:

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