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Monday Mortgage Update


Last week I was delighted to represent Coreco at the launch of the new Property Radio, airing at weekends. This shows that there is such a demand and interest in all things property that there could be a radio station dedicated to it. It was a lively chat about property, the potential Brexit effect, (both positive and negative), as well as the state of the mortgage market.

Coreco were also in the Times this weekend talking about lenders and the incentives they offer. This follows the news that Halifax are offering borrowers the chance to enter a prize draw to win up to £300,000 off their mortgage.

Over the year’s lenders have offered all kinds of incentives to try to entice customers, from prize draws to win a car, iPads or pay off some of their mortgage to more mundane offerings such as cashbacks and freebies.

Whilst these all look good on the face of it, borrowers need to look behind the gimmicks at the actual rates and fees of the product itself. It could well be that there are cheaper and more suitable products available which, although just dull, simple mortgage products, could actually end up saving borrowers’ real cash each month.

Personally, I would much rather see lenders concentrate on keeping the fees and interest rates down other than offering marketing ploys that could convince a borrower to make the wrong choice.

Especially as these days there are still some excellent rates on offer. For standard residential mortgages, borrowers can obtain 2-year fixes at 1.39%, (4.68% APRC) and 5-year fixes from 1.79%, (3.60% APRC) whilst variable tracker rates are around from 0.99%, (4.86% APRC).

Those looking at Buy-To-Let mortgages can still obtain products from just 1.39%, (4.71% APRC) for a 2-year fixed or 5-year fixes are available from 1.99% (3.62% APRC).

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Andrew Montlake

Written by Andrew Montlake

Andrew Montlake, better known as Monty, began his journey with an Hons degree in Economics & Politics before starting in the mortgage industry in February 1994. As a main founder of Coreco in 2009, he successfully grew the brand, marketing, and communications, and was made MD in 2019 focussing on the overall vision, strategy, and culture of the company. As Coreco’s media spokesperson, Andrew can often be seen or heard on TV and radio as well as regularly commenting in the national, local, and trade press. He is the author of this acclaimed Mortgage Blog and is well-known for his social media, podcasts, and public speaking. Andrew is now proud to serve as Chairman of the Association of Mortgage Intermediaries, (AMI) as a cheerleader for the Mortgage Industry as a whole and continues to work at the coal face, writing mortgage business and advising clients.

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