Product innovation is welcomed

Delays delays delays!  Some lenders are a couple of weeks behind, some even a couple of months.  Yes, a sign of a buoyant market, but also a sign that although volumes are no way near where they used to be, lenders still don’t have enough staff to cope and process the current volumes of business or to catch up on back logs.  Some have even tried to stem the flow of business by raising rates, but as yet, this has not helped.  Demand is most definitely out there.  If you are in a rush to purchase a property, I would check current service levels with the lender you are looking to put your application to, before releasing any of your hard earned cash!

For those looking to remortgage to a better rate, now might be a good time to do it, even with the delays.  There are some good deals to be had and especially in the longer term fixed arena.  Terms and conditions will apply, etc.

As I mentioned some while back, we are seeing some of the smaller lenders launching innovative products.  These lenders are not high street names and are not necessarily looking for huge volumes, but they are looking to fill gaps in the market and this should be applauded.  One such lender has reviewed the options available to those in retirement and above the age of 65.  They’ve realised there’s a huge gap (unless it’s an equity release mortgage required) and have launched a variable rate mortgage product specifically designed to assist this type of consumer.  This can be on an interest only basis and up to any age.  Income must be provable, whether this is from pensions, investments, rental income, even earned income or off-spring support and must fit the lenders affordability criteria.  A max of 50% of the property value can be advanced and there are only redemption penalties in the first year.  This makes it reasonably flexible.  To find out more about the AToM Retirement Mortgage, please call us, we’d be delighted to assist.