A very Happy New Year to you! This is my first day back in the office following the festive period and already I’m struggling to keep up with the number of product changes from various lenders. They are positive changes though!
The Bank of China have reduced their Residential Life Time Tracker rate to just 1.80% above the Bank of England Base Rate. Currently, the pay rate is 2.30% (APR 2.50%). This is available to home movers, those re-mortgaging and also to First Time Buyers, up to a maximum loan of 80% of the property value.
The Coventry has focused on Buy to Lets. With rates from 4.25% and zero arrangement fees, they are well worth a look if you are considering taking a step into the Buy to Let arena in 2011. Many believe this will be a buoyant area generally as First Time Buyers continue to struggle to get onto the property ladder and surrender to renting instead.
The Bank of England has released lending figures for November, stating that re-mortgaging levels increased by some £400m compared to that of October. Approvals stood at 34,262 compared to 30,429 in October with a six month average 28,210. Purchase approvals amounted to 48,019, higher than Octobers figures, but below the six month average of 48,145.
And finally... if there is one New Year resolution to maintain, resulting from the dire year that was 2010, it is to be on top of your finances! By this, I don’t just mean mortgages, although as this is inevitably your biggest debt it should be a priority! Do you have enough life cover? Have you made financial provision to cater for an unfortunate redundancy? Have you written a will? These are all matters that may seem small in isolation but which could prove to be very worthwhile at a later date.
Let’s hope that 2011 see's the beginning of a recovery in the financial world. Last year was depressing financially and this year will be tough too but there are some good signs that the property market, at least, will hold its own. Let’s hope so!
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