23 March 2009

Mortgage rates on the way up?

During the past week some mortgage lenders have reduced their Standard Variable Rates following the recent Bank of England base rate reduction to 0.5% yet others have increased their fixed rates by up to 0.25%! Is this the start of things to come? What is available on a Friday night may not be there on a Monday morning.
Two more mortgage giants, Chase De Vere and Cobalt Capital, shut their doors this week. Both, further casualties of the current mortgage climate and a real loss to the sector.
Recent trade news also suggests that when regulation renewal fees are due in April, 32% of mortgage brokers will choose not to renew. That is a huge number of professional advisors likely to exit the market. Now, more than ever, it is important that you seek out the services of an independent advisor who is not tied in any way to a linked business.
Last Saturday saw AToM exhibiting at the excellent MicroBiz, a great medium for small businesses to work together and understand each others needs and benefits. We had chance to meet many different people there and all with various situations.
Some had been made redundant and were evaluating all options available to them in starting up a business, whilst others, still in employment, were forward thinking should redundancies occur. Being self employed did not seem to scare anyone! All were opportunity seekers, prepared to go over and above the standard call of duty to ensure they survive and are in the ‘last man standing’ pack!
With this in mind, the weekend could be a valuable time for you to complete a full review of your personal finances, or even go out looking to buy new property! More and more people are turning towards alternative methods for securing their families future. With saving returns so low and house prices bottoming out, many experts would agree that property is a great long term investment.
But be wary. As I have commented before, Lenders really don’t want to lend in volume currently, despite the numerous requests from no. 10! So seek independent advice to ensure you get the best available products for your requirements.
See all mortgage products available, for free, at www.atomltd.co.uk and now you can follow the latest AToM product updates on Twitter, Facebook, Linkedin, Ecademy and more, if you’re that way technology inspired!

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