The unexpected fall in the latest inflation figures seems to have seen off any imminent threat of an interest rate rise in the UK, however, some Economists see this data as a blip, meaning those looking to grab one of the currently available low rate mortgage or remortgage deals should take full advantage
Mortgage lending for July up by 9% on May, and 3% on June’s statistics, and although we are entering the traditionally slow Summer property market, now could be the perfect time to assess your medium-longer term finances and to investigate whether one of the record low home loan deals would better suit your circumstances.
For example Metro Bank has unveiled a new five-year fixed rate of 1.69 per cent, available up to 65 per cent LTV with a £999 fee.
Santander has a new ‘Switch Early’ policy available to mortgage brokers, which means some customers will be able to switch to a more favourable deal up to around four months early without penalty.
Barclays is extending the maximum LTV on residential remortgages where additional borrowing is required, up to 85 per cent
Halifax has reduced two- and five-year 85-90 per cent LTV fixed rates by 0.3 per cent, and lowered its affordable housing shared equity/shared ownership two- year 80-90 per cent LTV fixed rates by the same amount. It has also reduced a selection of rates at 90-95 per cent LTV.
There are some great deals among the alternative lenders too – Furness Building Society has a new 1.49 per cent two-year fixed rate up to 80 per cent LTV, and Ipswich Building Society has brought back five-year fixes, including a 90 per cent LTV version at 2.82 per cent and a 3.25 per cent buy-to-let product to 75 per cent LTV.
Buy To Let investors will be pleased to know that they’re not being ignored by lenders – with a raft of attractive products on the market right now. For example; Santander has a new BTL affordability rate for five-year fixes based on a rate of 4.5 per cent, whilst the Bank of Ireland has a couple of new products including a 60 per cent LTV two-year fix at 1.43 per cent with a £1,495 product fee and a free valuation, plus a 75 per cent LTV five-year fixed rate at 2.88 per cent with a £995 product fee, £250 cashback and a free valuation.
Here at The Financial Planning Group, we pride ourselves on being to offer our clients mortgage products from the whole market, which opens up so many more options and offers – we have more than 24 years experience in helping families find the perfect low-rate deals and ensuring that the financial side of moving home is as stress free as possible.
If you would like to speak about your mortgage or re-mortgage, and secure one of the record low deals that are currently available, please feel call Steve Padgham on 020 8614 4782 or email Steve.Padgham@fpgonline.co.uk