Mortgage News

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    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.


      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%


        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.


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