12 December 2013

More lenders offering Help to Buy. Activity at AToM huge!


There has been substantial mortgage activity happening across the country as we roll towards the Christmas break and festivities.  November was AToM’s second best month over the last four years for new business levels!  This is slightly unusual for this time of year, but then nothing surprises us any more in the current climates!  I certainly shall not complain at being very busy but do express our heartfelt thank you to all those who are using AToM and making use of some of the fantastic exclusive mortgage products available via our Horsham branch!
It is good to see that more lenders are offering the Help to Buy schemes.  Virgin Money is the latest to launch products through the Government’s Help to Buy Mortgage Guarantee.   Virgin Money will offer customers with smaller deposits two year fixed fee saver deals up to 95% of the property value.  In addition, all of their 90% and 95% deals now come without a product fee, and remortgage deals are available up to 90% of the property value.  The first challenger bank to join the initiative, Aldermore Bank will launch with the scheme on December 16th.  Obviously terms and conditions apply and APRs will be dependent on the product chosen.

It always surprises me how few people actually know what rate they are on, the type of mortgage, i.e., fixed rate, tracker rate, etc, and whether they are paying interest only, or capital repayment. Unsurprisingly, almost everyone knows what it costs per month to the nearest penny!  They will haggle for a £10 discount on a new washing machine whilst letting ‘sleeping dogs lay’ when it comes to their mortgage where they might save hundreds!  It’s very easy when the promotional rate period comes to an end to keep your mortgage with the same lender, ‘brush it under the carpet’, and deal with it ‘tomorrow’.  But, we all know tomorrow never comes.  A review of what’s on offer from other Lenders could give you a nice start for 2014, especially if you’re currently on a Standard Variable Rate, or equivalent.   Many lenders are offering superb remortgage opportunities with minimal costs to change, including free standard valuations and legal costs.  Rates are competitively low and mortgage product choice is at its highest for some time.  So pull out that paperwork and have a no obligation conversation with your local, independent and whole of market mortgage advisers!

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