The national press were
spouting some fantastic headlines last week.
Especially one who ran with a front page stating 'Best time ever to take
out a mortgage'! This of course was
fantastic news for the lenders and also mortgage brokers, who were referenced
in the article.
But is it really the 'Best
time'? Ten year and five year fixed rate
offerings are in abundance and the lowest I can remember. What we are also seeing, and have done for
some weeks now, is a fantastic rate price war on the high street. For the right deal, right income, right
borrowing percentage of the property value, we're looking at short term deals
only just over the one percent mark. If
we'd have been told this would happen a year ago, we might have laughed in
disbelief! In addition, the Bank of
England governor in a recent speech even alluded to a possible rate cut after
suggesting inflation will become deflation, causing yet more stir across the
market and pundits to push back rate rise estimations even further, well in to
2016.
So, there seems to be no
right or wrong answer to the question ‘is it the Best ever time to take out a
mortgage?' There is only what is right
for your individual circumstances and budgets.
One thing is for sure, rates will change and they are so daily
currently!
Finally, AToM are delighted
to announce the launch of a new specialist lender, Foundation Home
Loans. With just a small number of launch partners, FHL will be
offering Buy to Let products across the market with a number of niches
including no minimum income requirements, some credit history issues
considered, max age 85 at the end of the term, no credit scoring and no early
redemption penalties on some products.
This is an exciting time and we welcome FHL to the market and look
forward to working with them.
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