07 February 2017 | Admin | 0 Comments
Here is a summary of the key changes and announcements in the mortgage market for this week.
· Santander have softened its policy on interest only lending to help the older client. The bank will now lend to clients up to the age of 70, so this will help affordability for an ageing population. With the rate market competitive, banks do have to look at other areas to ensure they get their market share.
· The Bank of England voted to keep Base Rate on hold at 0.25%. With updated growth forecasts expecting GDP to be 2% in 2017, 1.6% in 2018. This will help the mortgage market to maintain its current levels, with a chance that spending could be squeezed with the expected inflationary increases due to come in Q2 of this year.
· Coventry Building Society has expanded its product range with the launch of a lifetime flexible rate. At 65% LTV the 1.35% rate with no exit penalty, could be a good for a client who is undecided on their future plans but has the affordability in case rates increase. Coventry also announced changes to its offset range with a flexible offset rate now starting at 1.59%.
If you require any support or quotes for a mortgage please call or email the I Am The Agent team on 0333 4441 007 with your requirements and we will ask our recognised suppliers to assist you with some of the above deals.
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