Another mad week in the mortgage world as we really are now at 1 minute to midnight on the Stamp Duty Holiday.
Brokers, agents, lenders, valuers, and conveyancers are all (mostly all) working frantically to ensure that everyone who needs to will meet the deadline.
We are seeing lenders being strict around their deadlines for receiving the Certificate of Title in order to ensure they can complete on time by 30th June. One worry centres around the BACS system and whether it can cope with all those potential transactions at once!
Those aiming to exchange and complete on the same day may struggle, but we have been here before in 2016 with the Buy to Let changes and we all got through that.
Lenders seem to be starting their Summer Sizzler season a little earlier than usual with a plethora of rate cuts, including a couple of two-year fixes available below the 1% level as the battle to retain that competitive edge and market share signals the possible return of Mortgage Rate Wars to come. There are now 7 different lenders offering rates at 1% or below!
As ever these deals are available to the most attractive borrowers in terms of income multiples and having at least 40% equity or deposit, but we have seen reductions in rates at higher LTVs as well.
Although the housing market has been running on rocket fuel for a while now, lenders are keen to avoid a slowdown as the Stamp Duty holiday ends and a return to the pub, holidays, and a long summer beckon.
We wish you all well through the coming week and are always here for any help or assistance you may need – even if it’s just a chat and a “virtual” coffee.
Have a great week.
Best Mortgage Rates
In terms of mortgage rates, for standard residential mortgages, borrowers can obtain 2-year fixes at 0.95% (3.90% APRC) and 5-year fixes from 1.13%, (2.70% APRC) whilst variable tracker rates are around from 0.98%, (3.20% APRC).
Those looking at Buy-To-Let can now obtain products from 1.19%, (4.40% APRC) for a 2-year fixed or 5-year fix are available from 1.69% (3.70% APRC).