** BREAKING NEWS ** - If you currently have a mortgage with Rooftop Mortgages, you will want to read this (you can thank me later)

I have just spoken to a client currently with Rooftop Mortgages that was offered a reduction in his loan of 15% to move to another lender - that is, in effect, writing-off £29,000 from his loan! This is the same situation we saw with Advantage, those of you lucky enough to have a loan with Rooftop can reap massive rewards by remortgaging. Call us for more details.

Interest Rate News - It seems almost trivial pointing out that interest rates were kept on hold last Thursday.  What’s more incredible is that the base rate should have been reduced to 0.5% and  kept at this level for the sixth consecutive month; it really brings home how fragile our economy still is.

We need a new bank.

Many people within the industry are seeing increasing levels of new buy to let enquiries – we certainly have. The major issue, however, is still the lack of lenders and products in this marketplace. As predicted the merger of Lloyds and HBoS, while necessary, has not done anything to increase competition and so spur on the development of better rates and products.

So what we need is a new entrant or two to the market. The slightly leftfield emergence of Bank of China was a good sign, however their lending criteria knocked out so many potential clients, they will probably only do about 10 mortgages a month. Once one new bank enters (or re-enters, Bank of Ireland - if you’re listening) the market it will lay the groundwork, and soften the barrier to entry for many others. Like a group of mumbling boys, staring at their shoes at a sixth form dance, someone needs to make the first move.