Beware of penalties for long term fixed rates

I have read an article warning borrowers about the pearls of taking 5 and 10 year fixed rates with high early redemptions penalties (ERP). Read here if interested. http://www.telegraph.co.uk/personal-banking/mortgages/beware-fixed-mortgages-high-exit-fees-brokers-warn/ I agree with the article that a degree of caution is require when selecting a long term fixed rate. A lot of customers may think that they will be staying put in their homes but what if there is a big job promotion, a job loss, or more children. read more

Nationwide to entre the equity release market

I have just read an article about homeowners over 55 releasing equity from there homes and that Nationwide Building Society are now going to lend to this market. The highlights are 1) Available to 55 – 84-year olds 2) Up to 46% loan to value depending on age 3) No fees including legal and survey 4) You can port to a new property 5) You can take additional borrowing 6) Can pay back up to 10% per year Read here if you want all the detail read more

Mortgage Price War is Over

I have read an article expressing the doom and gloom of the current interest rate raise expressing how not only the base rate raising to .50% but also how the fix, tracker and discount rates have also climbed. Here is the article if you would like to read http://www.thisismoney.co.uk/money/mortgageshome/article-5077957/End-line-sub-1-mortgage-rates.html What does this mean in real terms for most us leaving in Scotland? Around £8.00 more per month. That’s right £8.00 Does this mean that our customers should read more

Want to increase the value of your home???

I have read an article about Mr and Mrs Rafferty and how they added value to their home by raising money to complete and extension and replace windows. (READ HERE if you are interested) http://www.telegraph.co.uk/personal-banking/mortgages/remortgaged-renovate-homes-worth-extra-200k-rising-rates-still/ Maybe you are the type of customer who would like to stay put in their current home but need more space. The answer could be found in the equity of your current home. For example, if your current home is read more

An average of 12.2% of all UK property stays on the market for 6 months or more

An average of 12.2% of property that is for sale has been on the market for 6 months or more This is an interesting article https://www.mortgagestrategy.co.uk/survey-finds-12-5-uk-properties-market-6-months-longer/ It says that despite what we are experiencing in Lanarkshire some area of the market is still sluggish in sales. London is one of the worst with 22% of house still on the market for ½ a year or more. I would love to see a break down, flats vs house showing which type of property is on the market read more

Treasury keen to include rental payment on credit reports

I have just read an article saying that the treasury is keen to include rental payment on credit scoring websites like Experian, Call Credit and Equifax. The article goes on to say that minsters are discussing this issue and are keen to put through a motion for good tenets to increase their credit profile and possible be home owners in the future. Read here if you are interested in the article read more

Rare moment as savers and borrowers are all winners

I have just finished reading a great article about small banks raising their interest rates for savers to over 2% which is driving the market up with other banks. The article also discussed the raising of the “swap rate” which dictates the price of most fixed rate deals. Read the article here http://www.telegraph.co.uk/personal-banking/savings/rare-moment-savers-borrowers-winners/ Even though the swap rate has increase since the referendum the deal are still fantastic for anyone with a 10% deposit or read more

Two-year mortgage deals Dangerous according to press.

I just finished an article stating that 2-year fixed rate mortgage deals are DANGEROUS because of POSSIBLE stagnant house prices and POSSIBLE high interest rates. Read here if you are interested. http://www.telegraph.co.uk/personal-banking/mortgages/mortgage-warning-two-year-deals-dangerous-house-prices-weaken/ The head of the Bank of England said that there might be an increase in the interest rate if he does not see a change in the inflation rate. Also, House prices could become stagnant but there is read more

Large lender claim right to repo home for non-mortgage debit

I finished reading an article about ALL MONEY CHARGES and it relationship to mortgages. For a lot of people getting a mortgage opens the door to lots of new lending. For example, the lender who gave you a mortgage will offer you, personal loan, credit cards and bank accounts with an overdraft facility but apparently 6 major banks will put in there offers of mortgage that if you default on any of the unsecure debit they (the bank) have the right to repo your house. Here is the article for those interested read more

80% of all mortgage business coming from Brokers

Intermediaries are growing their share of the mortgage market and improving the quality of cases submitted. However, lenders are increasing their investment in direct to consumer digital technology propositions despite these improvements in the broker market. And a growing number of lenders see making offers within one day as their “holy grail”. Branch sales drop According to research by IRESS, half of the 21 lenders it questioned offer, or are about to offer, a digital self-service proposition, where current read more