There will be a lot of focus on the Governments Help To Buy Scheme in the coming weeks as the first lot of borrowers are due to start paying the fees on the loan part for the first time. Although they start off at just 1.75%, this does increase each year and if compounded with interest rate rises this could be more of a stretch than some people thought.
Meanwhile the Government are preparing to tell House Builders that they must not delay building more homes and those that have been slow and sitting on land may be refused planning permission in future. It will be interesting to see how this plays out, as developers tell us there is nothing they can build on that they are not doing so. Let the battle commence!
Rate wise it is all much of a muchness really with some lenders cutting product rates to remain competitive whilst others have put their rates up further as the cost of funds has continued to rise.
This adds more confusion to consumers over where the best products really lay and keeping up to date with the almost hourly changes is a full-time job in itself. There are still some exceptional deals around.
What is also refreshing is the amount of activity in the Specialist Lending Market, whether this is lending to self-employed, older borrowers or those looking for Second Charges, Bridging or Development Finance. Specialist mortgage lenders, most of whom only go through brokers, have some really good offerings in this arena at present and there is no need for any borrower to feel that they have no options.
At present, 2-year fixes are available at 1.24%, (3.83% APRC) and 5-year fixes from 1.71%, (3.16% APRC) whilst variable tracker rates are around from 1.24%, (3.57% APRC).
Those looking at a Buy-To-Let can still obtain products from just 1.39%, (4.47% APRC) for a 2-year fix.