The self employed have had a good week on the mortgage side. Specialist lender, Precise Mortgages has changed criteria and will now allow customers to use just last years accounting figures as income for a mortgage. Previously the lender, and most lenders, would look at two or three years figures and average over the period. However, whether the customer has been trading one year, or twenty, the lender will now work on just the last years figures. This is available right up to 85% of the property value and only via a small and select number of companies, including AToM.
A number of lenders have joined the current price rate war over the last few days. Metro Bank, Virgin Money and Leeds Building Society joined a number of other lenders who have cut rates substantially. We even saw a six year fixed rate launched, under 3% interest rate, but sadly this was only available for three days before being withdrawn - probably due to huge demand
Others have also launched short term availability schemes. Accord Mortgages have launched a '10 day sale' on some of their products covering both their Residential and Buy to Let schemes. These include lower lender fees, enhanced cash backs and low fixed rates options. But be advised that these products will require your mortgage adviser to submit a full application before midnight on 1st October! Terms and conditions apply, etc.
Finally, we are delighted to be one of only seven companies in the
who can offer a new product range aimed at Ex-Patriots from Skipton
International. For UK Nationals living abroad, looking to buy or
remortgage an investment property in England and Wales, up to 75% of the
property value, Skipton International will consider lending up to £1.5m with
rates starting below 4% and no lender arrangement fee (for a limited
time). This really is a superb offering and if you know someone who may
fit this criteria, please get them to contact us to find out more! UK