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This is our take on what is currently happening in the mortgage market. Our views are often cited in several national publications, including; BBC News, The Times, Telegraph, City AM, FT Adviser and Daily Mail, as well as a number of key trade publications, so this should keep you ahead of the curve. If you have any questions on any of these stories, or would like further information, please do not hesitate to get in touch.
Rates are not enough: Lenders need to increase flexibility
With longer term rates at record lows, you would think that borrowers may be tempted to choose these types of mortgage product, yet we are still seeing far greater interest in shorter terms. We believe the issue here is the lack of flexibility from lenders and not enough product innovation. We would like to see greater flexibility going forward in the latter half of this year to give borrowers greater options. Given the nature of recent events, we have seen some huge paradigm shifts in society, including of course peoples living requirements, and the dynamic time we all find ourselves in means borrowers are not prepared to commit to longer terms. This remains the case even if it is in their best interests in terms of cost efficiencies on account of the fact they are wary of what could happen.
The realities of sub-1% mortgages
We have all seen the recent headlines that we are now in sub-1% territory for 2-year fixed rate mortgages with the best available rate at 0.95%, however these rates are not all they seem, and are in fact only available to the highest quality of clients, for instance those with absolutely perfect credit score and an LTV of 60% or lower.
The race to save up to £12.5k: Buyers in final push to beat SDLT holiday
We are hearing from a number of solicitors that they are under intense pressure from clients at the moment to complete before the 30th of June, the deadline for the winding down of the SDLT holiday and last chance to make significant savings especially if buying at £500k or above. Some solicitors have issued notifications to say that there is no guarantee of this happening now and others have had to call for calm from clients with one email signature of a firm we shall not name stressing the need to remember to be tolerant, kind and understanding to each other… such is the clamour to complete…