Lenders seem to have been the focus of my articles more recently and in more of a positive light! Having had lengthy talks with many lenders over the last few weeks, I believe we will see more aggressive products in the coming months as lenders aim to finish the year on a high and with volume business. Fingers crossed and watch this space!
We’ve seen a huge increase in foreign mortgage applications over the last 10 days or so with people purchasing abroad, some for residential purposes, but in the main for investment or as a holiday home. As we emerge from a global recession, many countries have been hit just as hard as the UK has, if not more. We recently had an enquiry from an individual purchasing a residential property in Spain. They were re-mortgaging their UK property to raise the deposit and were letting this out. The real eye opener was that the Spanish appear to be very proactive for house sales and the Spanish lender offered an 80% loan to value and gave them the first 3 years interest free! Scary!
Back in the UK, there have been positive movements by some specialist lenders. Although not necessarily household names, most of them have large parents. Such an example is a company called igroup (owned by GE) who have recently increased their loan to value from 75% to 80% on some products. They have some superb rates of interest and an appetite to lend. They will also allow first time buyers but will only deal with the employed. However, they will take a view on any historic minor financial problems and price to risk accordingly.
And, finally…I’m delighted to announce that AToM have picked up our fourth major industry award of 2010! We were thrilled to be awarded a British Mortgage Award at a recent event held in the London Hilton, Park Lane. Attended by over 500 mortgage professionals, AToM came top of the class in the Specialist Mortgage Distribution category and the award was presented by Sir Geoff Hurst MBE. This is a great accolade and testament to the great team we have here at AToM.
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