How can we help you?
We invite you to get in touch via a free, no-obligation initial consultation.
This is our take on recent news 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.
The first 95% mortgages come back to the market
Bank of Ireland and Accord are the first lenders launching their 95% LTV products this week. As predicted, they are around the 4% mark, with Accord at 3.99% and Bank of Ireland at 4.05% (with no product fee). In terms of criteria, they are near enough identical, both 5-year fixed products, with maximum loan-to-income multiples at 4.49 times and maximum borrowing capped at £500k.
Is the ban of foreign travel partly driving the purchase market?
We are still being inundated with enquiries and are continuing to arrange a large number of mortgages for purchases, with demand is showing no signs of abating. We believe that this is driven both by the changing trends brought on by Covid, with people looking for the more space and the like, but also as summer approaches and with foreign holidays looking unlikely, there is a huge demand for second homes and holiday properties. The holiday let market is booming this year as an increasing number of us look to book in their summer break domestically – a cursory glance shows that availability is very low, and prices are high – great news for landlords and investors in this sector, but also means that areas dependent on tourism are set to see a huge influx of consumer spending. Especially good, given how hard tourism and hospitality has been hit by the pandemic.
Record completions predicted in March
We are seeing a record month of completions with many purchasers having targeted the original end to the SDLT deadline managing to complete purchases in this timeframe. We expect that this will be reflected when transaction and Stamp Duty data is released later in the year.