Interest Rates
I’m not even sure why I bother telling you that base rate was held last week at 0.5% again, but seems this record period of ultra-low interest rates is set to continue. At the moment there doesn’t look like there any movement soon, however as soon as the mood changes you will be the first to know.

85% buy to let mortgage – on valuation

Is it a dream or is there really a way for investors to purchase properties for 85% of the valuation, regardless of the purchase price? It’s almost we’re back to the old days!

Now a number of these schemes have been around for a while now, and some have gone and new ones introduced, but none yet have delivered on their promises.

The latest one doing the rounds wants huge upfront fees (up to £20,000) in order for you to secure 85% finance on property valuation. However, the upfront fees are payable before you buy your first property.

Now, I’m not judging whether this is scheme is good or not (as I haven’t used it) but all I want to say is – be careful. If you are truly tempted, do your own due diligence and if any money has to change hands, why not put it in an escrow account so if you need a refund then it will be easier?
We are keeping our eye on this product very carefully and if it is all it seems then we will get involved promoting it, but at the moment we are standing back and waiting for proof – and I strongly suggest you do the same. If there was a honest, proven and legal method of obtaining 85% buy to let finance, then you dear readers would be the first to know. OK, I know; rant over!

Marketwatch

It’s been a great week for rate cuts. On the residential side we have had Abbey and Woolwich and on the buy to let mortgage side Godiva.
I know I may sound like a broken record ,but if you are on you lenders standard variable rate (SVR) then give us a call right now, we may be able to save you money, and how’s that for service.