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!
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