05 September 2013
Confused by the internet "information"? .....we can help!
Considering it was a ‘holiday month’ August was a flurry of activity and caught many of us out and this was a very pleasant and great surprise! Of those approaching AToM, many were seeking straight forward simple human assistance having become confused by the huge amount of information currently available on the internet. The majority were after the superb low rates currently available. However, and with this in mind, we have seen a few fixed rates increase over the last week as some volatility returned to the financial markets (as I write Nationwide Building Society, Accord Mortgages and a couple of other specialist lenders have all raised medium to long term fixed rates, some by up to 0.4%). As mentioned in previous columns, lenders are incurring huge delays with processing and underwriting and August’s great business volumes won’t have helped clear the back logs!
Second steppers are being given a helping hand. Some lenders are offering loans of up to 95% of the property value to get people moving up the ladder and thus freeing up properties affordable to the first time buyer sector. Lloyds TSB’s recent research also compliments this as they report that equity levels for home movers have helped people living in their first home jump up to the next level. Improving house prices over the last twelve months have helped. Despite a reported 2% decrease in homemover mortgages in the first half of 2013, the same time frame that saw a nineteen per cent increase in first time buyer approvals, the average equity share position of a home mover rose from one per cent in the second half of 2012 to thirteen per cent in June 2013!
Finally, due to the increase in business volumes, we’re looking for staff to join our expanding AToM team. If you know someone in the mortgage sales sector, with the relevant qualifications (or studying towards them) and who likes to be kept very busy, then please ask them to get in touch!