30 July 2010

Bank of China choose AToM

The debate on where mortgage interest rates are going took another stumble this week. For many months, various economists had predicted that the Bank of England base rate would rise towards the end of 2010 with further rises throughout 2011. However, Ernst & Young have suggested that if the impending spending cuts come through, the BBR will remain at 0.5% until 2013! Another sign that although we all believe rates have to rise, no one really knows when this will occur.

With this in mind, AToM towers has seen a vast amount of people requesting long term fixed rates over the last 3 to 4 weeks. Uncertainty seems to be the only certainty in the market and, quite rightly in my opinion, people want the guarantee of a long fixed rate term on their mortgage so they can plan for the next few years in confidence. There are some great rates to be negotiated currently and some include free valuation and solicitor’s costs, so that re-mortgaging fees are kept to a minimum.

We’ve also seen lenders expanding their distribution. AToM was delighted to be appointed to the Bank of China distribution panel last week. We can now offer lifetime tracker rates for Residential, Buy to Let and Commercial properties. Bank of China have only been in this area of the market for a year and AToM is now one of only five distributors in the UK to offer their products, outside of their branches. Please contact us to find out more.

And finally, I’ve mentioned this before, but its back on the radar. Many dormant lenders are offering customers a discount of up to 30% off their mortgage to move lenders. If your current lender is one of these, then it’s worth a call to see if you qualify for a discount. Normally, they will give you a deadline in which to complete the transfer of your mortgage but I’m sure it’s a timescale that AToM could meet. Just think, up to a 30% reduction on your mortgage - it could be a financially beneficial telephone call!

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