We almost had the return of "Self Cert" this
week! For those of you long in the
tooth, back in 07/08, many lenders offered self cert mortgages, giving
customers the ability to obtain a mortgage with absolutely no proof of income
or affordability. The history since then
is pretty obvious and we must give credit to the regulator for keeping these
mortgages out of the market since.
However, for four days last week, one foreign lender appeared to bypass
the UK
regulations and offered Self Cert loans once again. And just as quickly as they arrived, they
were gone! Was this just a test and is
this the start of things to come? Having
watched the mortgage market brought to its knees and taking over 8 years to
recover, let's hope not.
On a brighter note, NatWest have cut some of their rates,
available through brokers, by up to 0.49%.
This covers a number of products across their range of offerings,
including to First Time Buyers. Many
lenders have cut rates recently and there's even some murmurings that the Bank
of England is also under pressure to cut rates, rather than increase them as
the economy looks to be 'running out of steam', according to one recent
article. All of this can only be good
news for the new mortgagee and budget planning!
Whilst in the 'planning' frame of mind, have you reviewed
your current financial arrangements to ensure sure you are on the best deal
available? Whether you require the
security of fixing your payments for an amount of time, or whether you are a
bit of a risk taker and might look at a short to a medium term tracker, or a
discounted option, right now, all are available at attractive rates in the
mortgage market.
Other things to consider - Do you have a Will? Statistics show that only one in three people currently have a will in place, with the remainder leaving the state to take over and determine how their assets and belongings are distributed, if they die.
Do you have Life Assurance, Mortgage Payment Protection, Accident Sickness and Unemployment cover, Critical Illness Cover, and more? Any of these products might be beneficial to your personal circumstances or needs, especially if you have children, and with competition increasing, these types of products are not as expensive as you may think.
Other things to consider - Do you have a Will? Statistics show that only one in three people currently have a will in place, with the remainder leaving the state to take over and determine how their assets and belongings are distributed, if they die.
Do you have Life Assurance, Mortgage Payment Protection, Accident Sickness and Unemployment cover, Critical Illness Cover, and more? Any of these products might be beneficial to your personal circumstances or needs, especially if you have children, and with competition increasing, these types of products are not as expensive as you may think.
