A Glimmer of Good News...
Posted March 26th by Nigel
The British Bankers’ Association stated that mortgage approvals for house purchases were up to 28,179 in February, which is an increase from January’s 24,278; however, this is still 31% lower than February 2008. In monetary terms, high street banks have reported loans of £3.9bn in February, which is a £0.5bn increase from January.
Mortgage repayments have gone down and become so much cheaper over the last few months with the Bank of England base rate being reduced to 0.5%.
I hope this is a good sign. These statistics have certainly been reflected in my own business, as the last few weeks have seen lots of interest from first time buyers and large numbers of buy to let investors returning to the market.
If you would like to discuss any of the points raised in above, please contact us today.
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News...
Posted March 26th by Nigel
Lord Turner’s review of banking regulation indicates there is a case for limiting the size of home loans to protect people from borrowing too much and over-committing. The UK financial services regulator, the Financial Services Authority (FSA) will consult on the issue in the autumn of 2009. The consultation paper will examine various methods of regulating mortgages, including limits on loan to values and limits on income ratios.
Although the intention of the mortgage-related aspect of Lord Tuner’s review is to protect the borrower and the lender, the proposals are not without drawbacks. For example, it may become harder for first time buyers to enter the market if they do not have a sufficiently large deposit; there is also the possibility that they could provide a deposit by acquiring debt (e.g. credit card).
A spokesman for the Council of Mortgage Lenders (CML) stated that the organisation welcomes the FSA’s consultation paper and sees this as an opportunity to ‘help shape a future regulatory landscape that will serve both lenders and consumers better.’ This ‘market discipline’ is also intended to reduce the effect of the mortgage market ups and downs on the wider economy.
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Location
Posted March 6th by Nigel
At mortgages4me, location is hardly ever an issue when helping our customers through the mortgage process.
The paperwork that comes with arranging a mortgage can be tiresome at the best of times, but here at mortgages4me we try to go that little bit further in making the whole process as smooth as possible.
Don’t think that because you are out of our area that we can’t help you. For example, we would be happy to go through all the forms with you over the telephone and even keep you up to date with any news regarding your mortgage via phone, text or email, whichever is best for you.
mortgages4me is based in Norwich. If you require information on mortgages in Norwich or the surrounding area you can contact us to arrange your free initial consultation. We arrange our days around our customers needs; therefore we try and meet at a time and place that is most convenient to you.
If you would like to discuss your mortgage requirements contact us today; we’re happy to help.
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The views given in this blog are those of mortgages4me, a trading name of Smith & Pinching Financial Services Ltd, which is authorised and regulated by the Financial Services Authority. These views are market and economic views and should not be interpreted as giving advice. Whilst every care has been taken in producing this blog, Smith & Pinching Financial Services Ltd will not be held responsible for any inaccuracies, omissions or misquotations. Registered office: 295 Aylsham Road, Norwich, Norfolk, NR3 2RY.