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This is our take on what is currently happening in the mortgage market. Our views are often cited in several national publications, including; BBC News, The Times, Telegraph, City AM, FT Adviser and Daily Mail, as well as a number of key trade publications, so this should keep you ahead of the curve. If you have any questions on any of these stories, or would like further information, please do not hesitate to get in touch.
Better 10-year fixed rates than 2-year in some instances
We have seen a key Private Bank offering a 10-year fixed at better rates than a 2-year fixed product this week – the 2-year fixed at an LTV of 60% or below is 2.49% and a 10-year at the same LTV is 2.29%. The 10-year fixed rate is better in all LTV bandings.
Increased enquiry lead time
We are incredibly busy at the minute and had a record February in terms of case numbers, even busier than the February in 2021 which preceded the end of the SDLT Holiday. Demand for remortgages is significantly higher given the changing interest rate environment and this is reflected both in the type of cases we are doing and new enquiries. The interesting fact here is that the majority of purchase cases are from enquiries from 2021 and those who committed to buy in the pandemic are only now able to proceed.
Self-employed borrower market update
Good news for self-employed borrowers as most lenders are now no longer applying any restrictions like they did during Covid to income multiples or loan-to-value ratios for example and now most lenders are understanding of Covid support having been taken, so long as the business can evidence, they are back to normal. Moreover, more lenders, like Newcastle Building Society most recently, are opening-up and adding additional flexibility to their criteria with this lender now accepting 1-year accounts and increasing their potential LTV to 80%.