020 7016 0790

Trinity Financial Group have access to a fantastically low two-year tracker rate at 1.99%. It has a free property valuation and remortgage service. The arrangment fee is £999.  To see if you qualify call us on 020 7520 9427.

Woolwich have introduced “The Great Escape” remortgage package aimed at borrowers on higher standard variable rates (SVR). Woolwich estimate that there are currently 700,000 homeowners on an SVR and that many of them are paying more than they need to.

The term tracker mortgage that they are offering is very competitively priced at 2.68% and the maximum loan to value is 70%. Woolwich pay for the property valuation and the standard legal fees involved with remortgaging, they will also pay £300 to cover any exit fees. There is no arrangement fee.

Woolwich are not the only lender keen on taking more remortgage business. NatWest have introduced some very low fixed rates for borrowers with large amounts of equity in their property.  They now offer a two-year fixed rate at 2.75% and a five-year fix at 3.75%. The two-year fix has £250 cash back and no arrangement fee. The five-year fix has a £699 fee. Both mortgages have a maximum ltv of 50% and come with a free property valuation and legals service when remortgaging.

Aaron Strutt, a broker at Trinity Financial Group, says: “You know lenders are keen to attract business when they start offering you money to remortgage to them. The Woolwich tracker rate is very competitive. The main benefit is that customers can switch in to a fixed rate at any time and that there are no fees to remortgage to them . The NatWest rates are great but they do require a lot of equity in the property to qualify.”

October 30, 2010

House prices dropped in October compared with the previous month as the property market saw an autumn fall, according to the Nationwide Building Society.

The building society said that prices were down 0.7% compared with September, with the average house now costing £164,381. The average home still costs 1.4% more than it did a year ago. “If the recent trend in house prices were to continue through November and December, the annual rate of house price inflation would drop to between 0% and -1% by the end of 2010,” said Nationwide’s chief economist Martin Gahbauer.

The lack of finance for first-time buyers has been highlighted as a reason for the fall. Aaron Strutt, a broker at Trinity Financial Group, says: “ There are mortgages available for first-time buyers but they will need at least a 10% deposit.

Not all lenders are keen to offer mortgages to borrowers with small deposits, but there are options available.  One great guarantor mortgage we can access is available up to 95% loan to value. The rate is a market leader at 4.99% and it is fixed for three years – the arrangement fee is £495.”

October 29, 2010

Spanish banking giant Santander wrote one in five UK mortgages in quarter 3 and increased its UK profits by 13% to £1.3 billion. The bank had gross mortgage lending at £6.9 billion, taking the total for the year to £19.2 billion.

Santander, which owns Abbey and the rebranded Alliance and Leicester and Bradford & Bingley brands currently has a stock share of 14% of the mortgage market. Overall, the bank saw a drop in profits in quarter 3, 2010 of 13% to 2.1 billion Euros.

The Clydesdale and Yorkshire Bank have announced that they have increased their mortgage lending by 4% in the twelve months to September 2010. New lending of £4.7 billion was advanced in the year including £2.7 billion of business lending and £1.7 billion of mortgage advances.

National Australia Bank, owner of the two banks says that they are on track to meet the pledge it made last year to make £10 billion of new lending available to support business and personal customers by October 2011.

October 29, 2010

Please click the link below to listen to Trinity Financial Group discuss the mortgage market.

Forward to 2 hours and 54 minutes:

http://www.bbc.co.uk/iplayer/console/b00vhjsm/5_live_Breakfast_28_10_2010

October 28, 2010

The Woolwich are the latest lender to cap their interest only lending policy to 75% loan to value. They have made some pretty drastic changes and now borrowers are required to have £150,000 equity in their property if they want interest only.

There are lenders that offer low deposit mortgages on interest only, but they are disappearing pretty quickly.  The Financial Services Authority have been very keen to get lenders to reduce their exposure to interest only mortgages and also to get more borrowers to switch to capital repayment.

Even if you are at 10% ltv and you have £100,000 equity in you property - you still won’t qualify for interest only with the Woolwich if you do not have an acceptable repayment vehicle in place.

Some of the other lenders to cap interest only at 75% ltv are, Santander, Royal Bank of Scotland and the Skipton Building Society.

October 22, 2010

Abbey are offering a two-year fixed rate at 3.19% and it has a £995 arrangement fee. It has a free property valuation and £250 cash back.  Abbey have a range of tracker rates but the lowest is for two-years at 2.59% and it has a £995 fee. Both mortgages require a 30% deposit.

The Coventry Building Society offer a two-year tracker at 2.59% and it has a £999 fee and you will require a 25% deposit.  It has a free property valuation and the maximum loan is £1 million.

October 22, 2010

Landlords are being urged to consider taking rental protection insurance and look at the possible impact on their tenants after George Osborne, the Chancellor of the Exchequer, announced that around 490,000 public sector workers are likely to lose their jobs over the next four years.

A report this week advises landlords to make sure that tenants are referenced correctly at the start of the tenancy agreement to establish that they can afford the payments. They were also advised to ask for guarantors to be named where possible to cover the cost of any missed rent should the tenant default on payment.

October 21, 2010

Trinity Financial Group have secured access to a leading two year fixed rate and a two year discounted rate for mortgages between £1 million and  £2 million.

The two-year fix rate is 3.19%  (4.5% apr) and the two-year offset discounted rate is 2.59% (4.3% apr). Both mortgages requite a 40% deposit and have £995 arrangement fees.  There is a free property valuation fee and legal service if you are remortgaging. The lenders standard variable rate is 4.59%.

There is also no credit scoring with this mortgage, although you will need a very clean credit history.

October 18, 2010

The Coventry Building Society have made big reductions to the price of their fixed rate mortgages with cuts of up to 0.9%. They have also launched a range of low arrangement fee deals, starting at £199.

The lowest rate Coventry now offers is a two year tracker at 2.59%. Another rate that is sure to be popular is their five year fix at 3.99%. Both mortgages require borrowers to put down a 25% deposit and there is an arrangement fee of £999. For those wanting to fix for the next two years, there is a 3.05% rate for those with a 35% deposit. This has a £199 arrangement fee.

Northern Rock have also lowered their fixes. The lowest fix they offer is for two-years at 3.09%. They also have a five year fixed at 4.49%. Both mortgages require a 30% deposit and have an arrangement fee of £995.

Aaron Strutt, a broker at Trinity Financial Group, says: “It is good news that lenders are continuing to lower the cost of their mortgages. One added benefit of the Coventry’s deals is that they come with a free property valuation on a house purchase. Remortgages also have a free property valuation and legal service.

October 9, 2010

The average number of tenants seeking rental properties has reached an eight-year high, according to research from the Association of Residential Lettings Agents (ARLA).

More than 70% of letting agents have reported that consumers are being forced to rent because of the pressure of buying a home.  Demand for rental property is highest in the South East where 81% of agents say there are more tenants than properties, compared to 67% in the rest of the UK and 73% in Central London.

Ian Potter, operations director ARLA, says: “This is real evidence of a generation forced into renting and the government must recognise the need for the regulatory protection for them.

“The market has bounced back in a way that no one could have predicted to levels of demand that have not been seen since the last century.”

The levels of demand are the highest since the ARLA survey began nearly a decade ago.

Source: Mortgage Strategy magazine.

October 9, 2010

Lloyds Banking Group  sent a note to brokers this week to let us know that they will be asking customers for proof of how they intend to repay their mortgage at the end of the term. The Financial Services Authority have been putting pressure on banks to find out what existing customers plans are.

For those that don’t have a way of paying off the mortgage, Lloyds Banking Group may well discuss switching you on to full or part capital repayment.

Anyone needing advice on repayment plans can contact Trinity Financial Group.

October 9, 2010

The Bank of England have held interest rates at 0.5% for the 20th consecutive month. It has also decided not to pump any more money in to the economy through its quantitative easing (QE) program.

Aaron Strutt, a broker at Trinity Financial Group, says: “The recent positive gross domestic product figures will have been taken in to consideration by the Monetary Policy Committee, but it is still very early to think that the economy is fully on the road to recovery and it will not need any further help. There are still a huge amount of public sector working set to lose their job over the next few years which will have big consequences for the private sector. It would be a dangerous time to raise interest rates as many homeowners are still struggling to pay their mortgages.”

The Eurozone has also kept interest rates on hold at a record low of 1% for the 18th month in a row. On Wednesday the US Federal Reserve announced that it would pump a further 600 billion dollars (£373 billion) into the US economy in a second round of QE.

November 4, 2010

The Bank of England has held interest rates for the 19th consecutive month. Quantitative Easing has also been held at £200 billion, although there are now calls for it to be extended further. Much of the £200 billion has been retained by the banks and it has not been passed down in the form of new lending.

October 8, 2010

Many of the lenders that Trinity Financial works with have upgraded their processing systems and they are now exceptionally quick. We can help if you need a quick mortgage offer.

We recently produced an offer on a house purchase within 7 days and this week we secured a remortgage offer in just one day. With more lenders relying on desktop valuations and computers to do the work, providing you have a clean credit history, you can afford the loan and you have a good deposit, we can help secure finance quickly.

October 4, 2010

Paragon Mortgages have made their return to mortgage lending this week after more than a two year absence. They have secured access to £200 million of funding and are clearly confident that they can access more money if necessary.

During their time away from lending they have been working with their existing customers. They currently have around £10 billion under management and prior to the credit crunch, they say that they lent 1 in 10 buy to let mortgages since they were formed in 1995.

The buy to let specialists return is welcome news. Two weeks ago Lloyds Banking Group made some big changes to their lending criteria and the amount of properties one person can buy. This was reduced from 9 to 3. The maximum loan amount was also cut from £3million to £2 million. Paragon will allow new investors to have a maximum of £5 million per client, although at the height of the property boom this was £20 million.

Paragon are a lender that mainly offers mortgages to professional investors, but they will also lend to first-time landlords, providing that they already have a residential mortgage. They will lend in areas that many other banks will not. They will consider lending on part commercial, houses of multiple occupancy and to limited companies. They will also lend on single properties divided in to a maximum of 20 units on an individual basis.

Their rates are competitive and they are offering either fixed or tracker rates to investors will a minimum deposit of 25%. Two-year fixes start at 5.30% and two year trackers at 4.30%. Both mortgages require a 35% deposit and the arrangement fee is 2.25%.

October 4, 2010

Abbey are the latest lender to lower the price of their mortgages and have now turned their attention to five year fixes. They have been reduced by up to 0.26%.

The vast majority of lenders have lowered the price of their mortgages over the last few weeks and best buy deals are not going to get much lower. Trinity Financial have access to exclusive mortgage rates. We can secure a two-year fix at 3.39% or a two-year tracker at 2.59%. More of our clients are interested in longer term fixed rates and the lowest five-year fix we can secure is as low as 4.19%. Borrowers require a 25% deposit and the arrangement fee is £995 for these mortgages.

The Coventry Building Society have reduced the price of their fixes and now offer a market leading three-year rate at 3.39%. Borrowers will require a 35% deposit and there is a free property valuation for house purchases. The arrangement fee is £999 and the maximum loan is £1 million.

October 4, 2010

The Council of Mortgage Lenders (CML) have put forward some suggestions in response to the Financial Services Authorities consultation paper on interest only mortgages, in which they suggest alternatives to killing off interest only.

Interest only mortgages have been the hot topic of conversation as mortgage lenders continue to tighten the terms they issue these mortgages on. The concern is that the FSA will ban interest only mortgages and make it even harder to people to get on the property ladder.

The key points are:

The borrower should retain responsibility for repaying the capital at the end of the term.
The lender will seek to re-validate the existence of a repayment method 10 years before retirement age.
If the borrower does not have a repayment method in place, the lender will agree appropriate remedial action, taking in to account the affordability of the revised monthly payment.
In the annual mortgage statement the lender will remind the borrower of their responsibility to repay the capital at the end of the term and in particular, the need to maintain their repayment method.

There are an estimated 3.75 million first-charge mortgages, with around £470 billion with at least some interest-only component. The Skipton Building Society have become the latest lender to restrict interest only lending. Their lending policy now states that all loans over 75% loan to value or more than £500,000 will now have to be taken on full capital repayment.

October 3, 2010