There has been a lot of movement in the mortgage market recently. Lenders half-year figures are due shortly and it appears that some of them will be slightly short on new business volume targets and as such have had to try and remedy the situation. Two lenders in the last two weeks have issued market leading products but only allowed a 7 day period for applications, before withdrawing the products entirely. These ‘quick sale’ products provide superb deals for the end consumer, mostly at minimal cost, if you know how to access them and can act quickly!
In the main, these products have only been available via Mortgage Brokers and financial intermediaries. Lenders have been re-installing their faith in this distribution medium over the last few months. This is also backed up by recent figures from the Council of Mortgage Lenders showing that brokers accounted for 63% of first-time buyer mortgages, 60% of remortgage loans and 53% of home mover loans in Q1 2011. Whilst some attractive rates are being offered by the high street lenders, there may also be a better option from a lesser known provider. Simply put, the best way to find these is to speak to an independent mortgage brokerage which has access to the ‘whole of market’.
Finally, following on from the above, the sun is shining and the remortgage market is well and truly open – some lenders are actively looking for business. Now is a superb time to review your current mortgage and possibly obtain a great rate with minimal (if any) costs to change your mortgage. Whether you want to fix your monthly payments for a period of time, or you fancy a low rate tracker mortgage, or maybe both - a tracker rate with the option to fix later on, there are plenty of great products currently available. If you are in any doubt, speak to a mortgage adviser, get a free mortgage review and you may not miss out on some great offers before they are gone. It’s good to talk..
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