The Highs and Lender Lows...

Let’s start this week with some really good news! Halifax have announced that they are going to refund stamp duty for first time buyers who purchase properties up to £250,000. They will rebate the 1% stamp duty figure which takes effect above £175,000 after completion. This is available to first time buyers only and is seen as a positive move towards kick-starting this sector of the mortgage marketplace. Let’s hope other lenders now follow the HBoS giant and find other ways to stimulate new growth.
Contrastingly, the UK's biggest building society, Nationwide, has changed its reversion rates for new clients at the end of their fixed rate period. Whilst existing customers are guaranteed to pay no more than 2% over the Bank of England base rate when their current product term ends, new customers, who take a mortgage after April 30, will instead revert to the society’s new 3.99% variable rate (which will not track BBR).
Other news this week, the Leeds Building Society announced the launch of two new fixed rate mortgages for 5 and 10 years. With a loan to value available up to 85 per cent on the 5 year fixed rate deal (5.69%, 5.9%APR) and up to 75 per cent on the 10 year fixed rate loan(5.49%, 5.9% APR), borrowers who want to lock into the certainty of a long term fixed rate mortgage could be interested in these products.
The Budget was something of a mixed bag and certainly not a welcome one for those in receipt of high incomes. It does seem that we are entering into a phase where the tax payer is going to carry the can for many years to come as a result of the current government’s volume borrowing.
That said, another long weekend ahead provides ample time to review financial paperwork and here comes a plug! AToM has diversified into a number of new areas to ensure that we provide a one stop financial ‘shop’ for you. Historically, we are one of the longest established mortgage brokers in West Sussex and more recently have expanded our offerings which now include All Types of Mortgages, secured loans, wills, life/car/house/travel/pet insurances, equity release, bridging/commercial loans, debt management plans, IVAs, Utility Switching and other products such as Sky TV, Vodafone and 3 mobiles! AToM has them all. As always, no appointment is required, so please visit our offices in North Street, Horsham, or visit our website for more information.