Competition is also taking place in the mortgage finance arena as we witness some rate wars taking place, which can only be a good thing for the end consumer.
For those on an attractive lender standard variable rate,
but who need to raise a small amount of funds, a secured loan might be an
option. Secured loans tend to be a
‘second’ charge on your property and provide an alternative way to release
equity from your home whilst leaving your current mortgage in place. Various lenders operate in this arena and
strong competition has bought rates down to below 7%. Rates are subject to circumstances and terms
and conditions, etc.
In the first charge arena, we have seen HSBC promote a sub
3% rate fixed for 5 years. Santander
quickly followed and, through brokers, also offered a free valuation and free
legals on their 3 year sub 3% fixed re-mortgage product. Natwest have also joined the front runners
and launched a sub 3% fixed for 5 years, through the intermediary sector. All subject to terms and conditions and
individual circumstances, etc! Others
cutting rates include Accord Mortgages by up to 0.6%, Nationwide by up to 0.4%
and Halifax by up to 0.5%. Great to see! Definitely worth a review with someone who
can access the whole of market, if you’re looking to change your mortgage.
And finally (and I had to end on an Olympic note!) if you
are lucky enough to own a property near the main Olympic sites in London, Lloyds
research suggests that homeowners have seen the value of their home rise by
nearly £70,000 since the winning bid was announced in 2005. The average house price across the 14 postal
districts closest to the main site for the London 2012 Olympic/Paralympics
Games stood at £273k in March 2012, an increase of 33% from July 2005s average
of £206k.
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