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Cheap mortgage rates predicted for UK homeowners
By Chris Borthwick
The UK mortgage market looks set to improve offering borrower's cheaper mortgage deals as banks agree to finance support conditions. Banks have agreed that borrowers will be able to get more competitive mortgages with rates set to return to 2007 levels and for at least three years. Welcome news for UK homeowners as good mortgage offers have been disappearing since the credit crunch bit. The banks have also said they will be better mortgage deals for all as they agree to support schemes for those struggling with mortgage repayments to stay in their homes and to support expansion of financial capability initiatives. Banks taking the government financial help will have to achieve a certain level of funding therefore will need to increase lending so we should start to see a more competitive market and better choice of mortgages available. A recent survey of mortgage brokers revealed a return to cheap mortgages for all view is expressed by this group also suggesting a return to a more competitive mortgage market. Mortgage brokers' forecast improved future business compared to May or July this year. Exact figures for the future of the business have been predicted as a decline of between 0.4 per cent (for remortgages) and 2.3 per cent (for first time buyers) over the next two months. Much more positive outlook than was given in May this year of a predicted fall of almost 5 percent for first time buyer business, 3.6 percent for home movers and 3.4 percent for remortgages. Peter Williams of the intermediary Mortgage Lenders Association executive director, said: "These survey results which were obtained before the latest volatility in international markets appear to offer a glimmer of hope that confidence among mortgage brokers is starting to return, very slowly." So mortgage brokers also believe the market will return to levels seen before the start of the crisis last year. Peter went on to say "Although a cheap mortgage may take some time as a recent Bank of England credit conditions survey points towards tighter lending criteria in the fourth quarter. Cheap mortgage deals are available at Northern Rock as it reduces its variable mortgage rates following the Bank of England rate cut to 4.5 per cent. However if you are on the standard variable rate (SVR) you can expect to pay 7.34 per cent, only a 0.15 per cent reduction. This news certainly won't please borrowers especially existing customers of Northern Rock who have in the past got a much cheaper mortgage, sometimes 100+ per cent mortgages and are now faced with not only finding it impossible to find a good mortgage but to remortgage to an improved mortgage deal. There is a decent mortgage out there for you. By using the services of a mortgage broker you can find a good mortgage rate. A high quality mortgage broker will search the whole of the market, comparing all the products to find the best mortgage to suit your circumstances.
This intel first appeared on: http://hubpages.com/hub/Cheap-Mortgage-rates-predicted-for-UK-homeo...
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This intel was contributed by Aaron Hill
Aaron Hill
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May, 2012
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