Welcome to the last update of 2020, a year that it’s safe to say no one expected! The good news is that today is the shortest day of the year, so the days get longer and brighter from here.
It was interesting to see that the Government has initially said that they won’t be extending the Stamp Duty deadline, but there have been an awful lot of U-turns from this Government so never say never just yet.
Next year the first quarter is going to be a crazy one, with Tier 4, Brexit, and the Stamp Duty to deal with so it looks like it will be a busy one for both good and bad reasons.
Even now we are still seeing new leads come in and people will still want and need to buy houses for a multitude of different reasons.
With rates, criteria, and service changing daily, using a broker in these conditions is essential to ensure that the right lender is chosen to meet the right timescale.
We have had some interesting meetings with the heads of most of the major lenders to see their plans for next year and the good news is that they have money to lend and an appetite to continue their return to 90% Loan-to-Value mortgages; improving both their tech offerings and criteria where they can.
To cap off a strange year there was some more good cheer for Coreco as they received yet another major industry award. Our own MD, Andrew Montlake won the Best Business Leader Broker (11-50 brokers) Award at the industry Oscars, The British Mortgage Awards.
It just remains for us to say thank you so much for all your help and support over the past 12 months. Our clients and introducers are incredibly important to us and we wish you all a very Merry Christmas, Happy Holidays, and a peaceful, healthy, and prosperous New Year.
Coreco exists to look after all of you and we are proud and honoured to continue to do so.
Best Mortgage Rates
In terms of mortgage rates, for standard residential mortgages, borrowers can obtain 2-year fixes at 1.18%, (3.00% APRC) and 5-year fixes from 1.35%, (3.30% APRC) whilst variable tracker rates are around from 1.57%, (3.10% APRC).
Those looking at Buy-To-Let can now obtain products from 1.19%, (4.40% APRC) for 2-year fixed or 5-year fixes are available from 1.64% (3.80% APRC).