Mortgage lenders and how they are dealing with the current environment is the main topic of discussion at the moment. Whether it’s the 3-month payment holidays, how they deal with furloughed workers or how to get an offer extended, there is lots of debate.
This was clear as I took part in another mortgage hour session with the wonderful Clive Bull on LBC Radio on Sunday, and again the questions came in thick and fast.
What really struck me is not just the fact that people obviously need and value professional advice, but how many people still wanted to get on with their transactions, whether that be selling, buying or remortgaging.
Whether they were still working or furloughed, their home move was still very high on their agenda which bodes well for the future when we start to see an easing of the current restrictions.
As to when this will be, we are still none the wiser, but there may well be some activity by the second week of May, with some builders and estate agents expecting to be allowed back by then.
Meanwhile, mortgage lenders have been working hard to get to grips with the current situation and have done a cracking job in most cases. Last week was a positive one with the likes of Halifax, Santander, Barclays and Nationwide increasing the number of products available once more up to higher Loan-to-Values and higher loan sizes.
They are all utilising automated valuations where they can which are helping the process no end.
We have also seen the return to lending of specialist lenders such as Precise and One Savings Bank which is a massive boon for everyone. Specialist lenders are an essential part of the mortgage market and need to be looked after to help those borrowers who are underserved by the mainstream players.
Buy to let products have also started to reappear and it is interesting to see many landlords are tentatively coming out to play once more to see what opportunities are out there. Some with large portfolios are looking to take advantage of low rates and see if they can release some cash to take advantage of anything that comes their way.
At Coreco we have an experienced team that are used to dealing with landlords and large property portfolios, so it is worth getting in touch with us for a free review.
In terms of mortgage rates, for standard residential mortgages, borrowers can obtain 2-year fixes at 1.19%, (3.18% APRC) and 5-year fixes from 1.41%, (2.66% APRC) whilst variable tracker rates are around from 1.39%, (4.08% APRC).
Those looking at Buy-To-Let can now obtain products from 1.19%, (4.55% APRC) for 2-year fixed or 5-year fixes are available from 1.62% (3.77% APRC).
Our professional, friendly advisers are still available for you to get some down-to-earth advice, or even just to have a chat! Contact us now on 020 7220 5110 or send a message via our contact form.