Mortgage News, Insights & Advice

West Midlands based building society The West Brom have announced that they are launching 10 year fixed mortgage products, something that could be a massive game changer for buyers and remortgagers.

Has your fixed rate come to an end? Are you like one of the thousands of homeowners who has put off restructuring their mortgage over the past year and are now stuck on the lender’s ridiculously high standard variable rate?

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.

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.

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.

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.

Is your Rightmove search page looking a bit slim? No, you haven’t accidentally put too many bedrooms in the search bar or chose the wrong property type, that is genuinely the number of homes on the market right now.