Mortgage News, Insights & Advice

In the financial services sector, there is one burning question on everybody’s lips, will the Bank of England raise interest rates? Its not entirely unbelievable that they wouldn’t but it seems that now with inflation rising to the highest levels in 10 years, the BOE need to do something calm the waters before things get out of hand.

At the beginning of this month Skipton building society hosted a virtual talk given by their key relationships manager Derek Williams and their Head of business development Paul Fenn. The discussion was designed to give brokers and mortgage customers alike a little insight into how Skipton have viewed the past year and what their predictions are looking into the crystal ball forward to 2022 (which is less than a month away!)

Since the beginning of the pandemic in early 2020, a lot of mortgage lenders changed their stances on various parts of their criteria to both protect themselves from any potential negative effects of the lockdowns but also to help loyal existing mortgage customers who may find themselves struggling. Santander was one of these lenders.

TSB have just sent a message out to all brokers to say that they have increased their maximum Loan to Value (LTV) from 90% to 95% for self-employed and day rate contractor applicants meaning that potential new TSB clients could put down as little as 5% deposit on a new purchase.

The mortgage arm of Richard Branson’s Virgin Group conglomerate Virgin Money, have announced that they are taking the initiative to help the ever-growing number of buyers looking at purchasing under the shared ownership scheme.

Skipton building society has recently announced that they have finally returned to pre-pandemic criteria for self employed contractors after over a year and a half of restricted and strict lending criteria brought in to avoid any potential risks surrounding the pandemic uncertainty.

According to financial information company Monefacts, 5% deposit mortgages are currently cheaper than they have ever been in the history of their recording. In rates terms, the average interest rate for a 95% mortgage on both a 2 year fixed period and a 5 year fixed period are at an all-time low.

Incredible new data released by Twenty7Tec this month shows that November 2021 was the busiest month for mortgage searches since March 2021 with remortgages dominating at almost 50% of all mortgage searches.

Rental growth has increased exponentially in the past year, and we believe that now is a better time than any to consider purchasing or remortgaging a buy to let. MetroBank have today announced that they will be changing their BTL loan to values to 80%, up from their previous limit of 75%.

Starting from the 2nd of December, Nationwide building society have re-evaluated and revitalised their criteria for bonuses, commission, and overtime income on pay slips. The new changes to these things mean that more income will be considered when assessing a borrower’s affordability.