|
Written by John S
|
|
Wednesday, 25 February 2009 14:43 |
|
 They say a week is a long time in politics and also in mortgages it seems. The general picture is that we haven’t quite reached the bottom, yet.
- 75% buy to let mortgages are coming under increasing pressure. I wouldn’t be surprised to see a reduction to 70% anytime soon.
- BM Solutions now only have two 75% LTV mortgages. They seem to be losing the initial initiative to Cheltenham & Gloucester within the new Lloyds Banking Group, which is a real shame when you compare the two companies in terms of speed and efficiency.
- The surveyors Ashdown Lyons and Christopher Rogers have gone into administration.
- Northern Rock and Lloyds are to increase their mortgage lending (NR with up to £14bn in new loans by 2011). There’s also rumours that they will be offering 90% residential mortgages.
|
|
Read more... [It's bound to get worse before it gets better]
|
|
|
Written by John S
|
|
Wednesday, 11 February 2009 00:00 |
|
 So: another rate cut and another week of little movement by the buy to let mortgage lenders.
Whilst during last year the costs of buy to let mortgage products and residential mortgage products were quite close, it has become apparent that as residential rates are reducing, buy to let’s really aren’t. I'm sure this says more about the current perception of buy to let mortgages by the lenders rather than anything else. |
|
Read more... [BTL left out of rate cut]
|
|
Written by John S
|
|
Wednesday, 04 February 2009 00:00 |
|
 The big news this week is the criteria changes made by HBOS to their mortgage product range. From a buy to let perspective they have finally come clean and made it transparent about who they want to lend to, and it’s not to big investors.
The basic summary is: 9 Buy to Let mortgages maximum across the HBOS group
Maximum lending on new build flats/newly converted flats has been reduced to 65%.
A limit of £3 million applies to Buy to Let lending across the HBOS group (BM Solutions, Bank of Scotland, Halifax and Intelligent Finance) The other major move by HBOS (or what was HBOS) is to withdraw their self certification residential mortgages – this is going to have a significant impact on self employed people who currently struggle to prove their income in way that is acceptable to full status lenders. |
|
Read more... [Nice to know who your lenders are]
|
|
|
Written by John S
|
|
Wednesday, 28 January 2009 00:00 |
|
Rumours abound this week about the demise of the 75% LTV mortgage. I’m not even sure who’s spreading them, but they’re doing a good job. Looking at the main 75% buy to let players it is very heavily weighted towards two lenders – BM Solutions and Cheltenham & Gloucester. With the demise of Bank of Ireland and Bristol & West, 75% LTV is a shrinking market so I wouldn’t be surprised if it doesn’t eventually happen – although officially from our contacts there are no immediate plans. |
|
Read more... [The demise of 75% LTV?]
|
|
Written by John S
|
|
Wednesday, 21 January 2009 00:00 |
|
This week’s announcement from the government (which includes a £50bn guarantee scheme) has been created to 'accelerate a resumption' of lending. I suppose the important points to note from this proposed scheme are that this is focused on new mortgages (which will leave remortgages out in the cold) and that the likely roll out of the scheme will not help the smaller specialist lenders. Still, any increase in lending will be welcome. In fact the pattern we've found at Resident Broker is that clients who have one or two mortgages are in the main still sailing through the credit score, however most property investors are struggling. |
|
Read more... [Lenders given pocket money]
|
|
|
|
|
|
|
Page 9 of 11 |
Property finance news
