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This is our take on news in the mortgage market that we thought was particularly interesting. 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.
At a glance:
HSBC stop lending over 80% through intermediaries
HSBC have stopped accepting high LTV applications through brokers on account of the incredible demand they have experienced of late and the back log of cases they need to process. This means to get their market leading rates at 90% for instance, customers will have to go direct, however, it is already being reported that there is over a 4 week wait for appointments currently.
Furloughed workers facing increased barriers to getting a mortgage
It is not news to anyone that we are in uncertain times and the mortgage market very much reflects that, With the end of the furlough scheme fast approaching we have seen some large lenders such as TSB and Accord stop accepting applications from furloughed workers, whether this income is topped up by their employer or not.
Retirement mortgage product offered in the private banking space
With an ageing population the retirement mortgage sector is one with huge amounts of scope for growth. Private Bank Hampden & Co have recently launched a new RIO (retirement interest only) mortgage for personal clients over the age of 55. Although this type of product has been around for a while, we have not seen private banks move into this space and it is interesting as the product could be used as an estate planning tool.