The mortgage market is a flurry of activity currently and competition in the sector is rife. Lenders are looking at a variety of ways to sneak ahead of their competitors. One such example relates to the Help to Buy New Build schemes. When the scheme was launched, the customer would take a percentage of the property, normally up to 75 per cent. Customers would put in a 5 per cent deposit and the government would cover the remaining 20 percent as an equity loan, repayable after ten years or on sale of property. One lender has launched a product that will now allow a remortgage up to the full 95 per cent of the property value to remove their shared equity loan. This is new to the market and shows an ambition to think outside the box and cater for customers who may otherwise have minimal options at the end of the equity loan period.Some rates have started to creep up….. over the last week we’ve seen Metro Bank and Accord Mortgages increase selected rates by 0.2% and both Halifax and Santander increased some rates by 0.1%. Not time to hit the panic buttons just yet, but good to note the movements in the market. In fact some lenders have actually reduced a selection of rates, so always review the options available across the whole of the market.
Finally, AToM has been recognised as a major contributor to two specialist lenders. GE Money Home Lending has awarded AToM as their top volume producer for the whole of 2013! Part of the GE Group, they specialise in lending to those who require large loans, over £250k, and to those who may have had a credit issue in the past. Precise Mortgages, who also lend in the specialist sector, as well as Buy to Lets has confirmed AToM as their top volume producer across all products for the last six months! Both lenders have a fantastic suite of products and we look forward to continuing to grow with them both. Have a great weekend!