|
  |
|
|
Mortgage Products Available Hit New Low
By Chris Borthwick
Moneyfacts has revealed the number of mortgage products offered by mortgage lenders for new borrowers is at its lowest value since the start of the credit crunch. One year ago 10,726 mortgage products were available to new borrowers; last Friday only 3,281 products were available according to the financial website Moneyfacts. In July last year when the market was buoyant you had the choice of 13,027 mortgages and at much better rates currently available. Abbey has also confirmed that they won’t be passing on the Bank of England half point interest rate cut to borrowers meaning the interest rate on all Abbey’s tracker mortgages will remain the same unlike many other mortgage lenders. However if you mortgage is currently with Abbey your will automatically receive the rate cut. Other lenders have also decided to leave their rates the same, including the now nationalised Northern Rock and Bradford & Bingley. Potential new borrowers have welcomed the half percent rate cut to 4.5%, many expecting their rat to be reduced however as we have seen with Abbey and many others are not passing the savings onto their customers. Lloyds TSB and Cheltenham and Gloucester, which Lloyds TSB owns, have announced new customers, will now require 25% deposits to secure new tracker mortgages as opposed to the previous 10%. However it isn’t all bad news; many lenders have passed the FULL rate cut onto borrowers. These include Royal Bank of Scotland, NatWest, Lloyds TSB, Halifax, the Woolwich and First Direct. These mortgage lenders standard variable rates (SVR) will be reduced in the near future, shortly after the cut. Very few mortgage holders have their repayments with mortgages based on SVR however many find themselves paying this rate when their fixed-rate deal runs. Mortgage lenders transfer you onto this rate unless you sign up for a new fixed rate deal. SVR is more often than not the most expensive way to have a mortgage with repayments predicted to rise by as much as 10%. Although the number of mortgage products offered is at the lowest, mortgage lenders are still offering competitive rates that can save you hundreds of pounds in repayments each year over current rates. By planning ahead, first of all checking what rate your current lender will charge you once your current rate ends and then by searching the market to see the offers available from other lenders; you can ensure you are getting the best rate for you. Using the services of a mortgage broker can save you time and most will search the whole market and allow you to make an informed decision and give you piece of mind to know you have chosen the best rate for you.
This intel first appeared on: http://hubpages.com/hub/Mortgage-lenders-products-available-hit-new...
|
|
 |
|
PLEASE VISIT THE CONTRIBUTOR'S WEBSITE
No reactions yet.
Please login or sign up to rate this intel.
Please login or sign up to add a comment.
The copyright for this content entitled "Mortgage Products Available Hit New Low" has been specified by the contributor as:
All Rights Reserved
This content may not be copied, distributed or adapted by anyone under any circumstances.
|
|
|
This intel was contributed by Aaron Hill
Aaron Hill
|
May, 2012
2008
January, February, March, April, May, June, July, August, September, October, November, December
2009
January, February, March, April, May, June, July, August, September, October, November, December
2010
January, February, March, April, May, June, July, August, September, October, November, December
2011
January, February, March, April, May, June, July, August, September, October, November, December
2012
January, February, March, April, May
|
|
Not a member yet?
Qondio is a powerful network for making it online. If you have a website to
promote, we can help.
Sign up and get in on the action.
|
|
Welcome to Qondio! Discover the awesome power this network can deliver by going to our About page. Or you could skip straight to the Sign Up form.
|
|
