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John's Blog -
Newswire
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Written by John S
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Wednesday, 01 July 2009 11:51 |
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 There has been one good news story this week for those looking for some more sunshine in their lives.
Nationwide published figures that show the average price of property rose by a (seasonally adjusted) 0.9%. The three month trend is now positive for the first time since December 2007 In fact, one of our local estate agents said to me this morning that the “credit crunch” was over for him, but then again if you are looking for optimism then that’s the best place to start. |
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John's Blog -
Newswire
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Written by John S
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Wednesday, 24 June 2009 13:00 |
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 Following on from last weeks news (that the ex-lender Advantage Homeloans are offering to write-off some of their loans to many of their clients if they redeem their mortgages with them), the picture is getting clearer each day.
In our office the biggest discount currently being offered to an investor so far (in monetary terms) is £87,500 – yes, that’s right they were given £87,500 to redeem their mortgage! The current pay rate on this particular deal is… wait for it… 0% - so no wonder the lender wants to get rid of them. |
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John's Blog -
Newswire
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Written by John S
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Wednesday, 10 June 2009 15:29 |
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 Without doubt the biggest news this week is about the reorganisation within the Lloyds Banking Group. For those of you that haven’t read any news in the last couple of days, here’s what it means for buy to let mortgages:
1. BM Solutions (or Birmingham Midshires as it’s also known) will be staying, hurrah! 2. Cheltenham & Gloucester are closing all their branches and their mortgages will only be available via brokers. 3. From the 1st of July, Bank of Scotland will no longer offer mortgages (but later in the year will offer Bank of Scotland branded mortgages on the high street) 4. Intelligent Finance will stop offering mortgages and instead their offset mortgage will be available via Scottish Widows. |
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John's Blog -
Newswire
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Written by John S
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Wednesday, 17 June 2009 15:14 |
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 There is without doubt something stirring in the mortgage market.
The combination of rising swap rates (swap rates are the borrowing rates between financial institutions and have an impact on fixed rate pricing) and lack of lender competition is starting to have an immediate impact on the buy to let mortgage market. As per Monday’s rate alert email the Lloyds group, and in particular BM Solutions, have increased their fixed rates significantly. |
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John's Blog -
Newswire
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Written by John S
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Wednesday, 03 June 2009 15:14 |
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A long and forgotten lender - Platform - seems to have come back into the market again in the last few days. Owned by Britannia building society, they have been effectively out of the market with their 7.49% 3 year fixed rate (ouch!). However their new 75% loan to value product has a rate of 6.29% for 3 years and an arrangement fee of £1495. Ok, so it’s not the lowest 75% product available, but: - You can buy up to 3 properties with them
- They have no maximum with other lenders. In other words, if you think you are maxed out with all the lenders at 75%, then think again – if the rental fits why not give them a try.
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