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Abbey for Intermediaries, Nationwide Building Society, Clydesdale Bank and NatWest are just some of the big name lenders to raise their mortgage rates this week.

Nationwide increased some of their fixed rates by as much as 0.3% and Barclays raised their base rate trackers by up to 0.21%.

Aaron Strutt, a broker at Trinity Financial, says: “It is unusual for so many lenders to make changes to their mortgages rates in such a short space of time, but once one of the bigger banks makes a substantial increase in pricing, the others often follow.

“Not all of the lenders have increased rates and some first-time buyer mortgages have been made more attractive.

“NatWest’s lowest 18-month tracker rate has increased from 2.69% to 2.79% but it is still cheap, even though the arrangement fee has more than doubled to £999.”

More lenders have launched long term fixes and Woolwich now has a ten-year fix at 4.99%. It is not quite a market leader, but it does give payment security and offers great value for money. You will need to have a 30% deposit to access the rate. The arrangement fee is £1,499 and the maximum loan is £1 million.

27 January 2012

Clydesdale Bank has become the latest lender to offer buy-to-let mortgages to investors with a 20% deposit.

The bank is launching a two-year fix at 4.49% and a five-year fix at 5.39%. Both mortgages have a £1,999 arrangement fee and they are available for loans up to £500,000.

Woolwich is another lender making a return to buy-let lending and they require investors to have at least a 25% deposit.

Their new rates are competitive and they have a range of arrangement fees. The lowest two-year fix is 3.98% and it has a £1,999 arrangement fee – investors will need a 40% deposit to access the rate.

If you have a 25% deposit, then you could access their two-year tracker rate at 4.49% and it has a £3,999 arrangement fee.

Trinity Financial has access to one of the only buy-to-let mortgages available if you have a 15% deposit. It is a two-year fix at 5.99% and it has a 1% arrangement fee.

27 January 2012

There will not be any fines issued by HM Revenue and Customs this year for anyone submitting their tax return in the first two days of February, rather than the normal January 31 deadline.

The public sector union, the PCS, is planning strikes at call centres and inquiry offices and they look set to co-inside with some of the busiest days in the tax year. The strikes are designed to protest against the appointment of private companies to run call-handling trails in two contacts centres.

HMRC has introduced much tougher penalties for those submitting their returns late, even if they don’t owe any tax. And any strike would potentially make getting information from HMRC particularly difficult, especially for those leaving it late to submit their tax return.

David Gauke, exchequer secretary to the Treasury, told the BBC: “This strike could have caused thousands of people to incur fines, so I am pleased that HMRC has taken this common sense approach.”

27 January 2012

The National Association of Estate Agents is reminding first-time buyers that they need to act quickly to avoid paying Stamp Duty. They are urging home-buyers to communicate with their solicitors in order to complete before the March 24 cut-off date.

When the tax exemption comes to an end, first-time buyers will have to pay 1% tax on house purchases between £125,000 and £250,000, and a tax of 3% on purchases between £250,000 and £500,000.

Wendy Evans Scott, president of the NAEA, says: “It is impossible to predict what impact the end of the tax exemption will have on the first-time buyers, particularly those on very tight budgets of under £250,000 for whom the 1% tax could be disastrous.”

27 January 2012

Virgin Money plans to double the value of mortgage lending that Northern Rock advances, according to an article in Mortgage Strategy magazine.

Their aim is to lend around £45bn in mortgages over the next five years. In 2010, Northern Rocks gross mortgage lending was around £4.2bn.

Last month, the Council of Mortgage Lenders downgraded its gross mortgage lending forecast for 2012 from £150bn to £133bn.

27 January 2012

The average age of a first-time buyer taking a mortgage with the Clydesdale and Yorkshire Banks is 30, according to a survey of their customers.

33% of their first-time buyers are aged under 25 and 32% between 26 and 30.

11% of their customers buying their first home are over 40.

27 January 2012

House prices in Wales increased by 0.3% in November 2011, the sixth consecutive month of growth.

According to chartered surveyors e.serv, values rose by 0.7% year on year to reach an average of £154,206.

27 January 2012

Rents in London fell for the first-time since December 2010, down by 0.9%, compared to a 2.3% drop a year ago, according to LSL Property Services.

David Brown their commercial director explained that the rental market was sheltered from the full impact of the seasonal lull by the underlying strength of tenant demand. He said prospective renters took the opportunity to move during the run-up to Christmas, when the market is traditionally less competitive.

27 January 2012

The Centre for Economics and Business Research (CEBR) now expects the Bank of England to keep base rate on hold at 0.5% until January 2016 - at the earliest – according to a story in The Sunday Times.

If the prediction is correct, it would be the longest time the Bank of England base rate has stayed the same since the 1940s, when it remained at 2% for 12 years, between 1939 and 1951. CEBR previously predicted base rate would rise in 2013.

Scott Corfe, from CEBR is quoted as saying: “Our view is that there will need to be cuts in public spending for at least two parliaments because of the challenge the government faces in reducing the deficit.

“The Bank will need to provide ongoing support to the economy through ultra-low interest rates and more quantitative easing.”

There are more than 7million home-owners on variable-rate mortgages linked to the Bank rate.

20 January 2012

Mortgage arrangement fees increased by nearly 70% last year, according to research by Moneyfacts.co.uk.

The average fee has increased from £889 to £1,498 as lenders look at easier ways of topping the best buy tables.

Aaron Strutt, a broker at Trinity Financial, says: “Lots of lenders may be offering their lowest ever rates, but they have come at a cost. Many of the most popular mortgages we access for our clients have arrangement fees well below £1,000 and they often include a free property valuation and legals service.”

Source:  The Times

20 January 2012

Skipton Building Society has lowered the price of their three and five-year fixed rate mortgages by up to 0.4%.

They offer a particularly competitive three-year fix at 3.28% and an excellent five-year fix at 3.69%. Both mortgages have a £995 arrangement fee and require a 25% deposit.

Kris Brewster, head of products at Skipton, says: “We spotted an opportunity to pass on recent downward movement in swap rates to our customers.  We are also recognising that – in the continued market conditions – some people are leaning towards the certainty of knowing what their mortgage payments are going to be over a longer period of time.”

The average two-year fixed rate mortgage is currently 4.27% – down from 4.44% in January 2011.

20 January 2012

Mortgage lending picked up towards the end of last year, according to the latest lending figures.

The Council of Mortgage Lenders said that the number of loans made to home-buyers rose by 4% in November, to 47,000.

The CML’s director general Paul Smee, said: “A rise in mortgage lending towards the end of 2011 is a welcome indicator for the industry considering confidence has been weak due to fragile economies both at home and in the eurozone.

“We should expect a further increase in first-time buyer activity over the next few months as they push through their purchases to take advantage of the stamp duty concession before it ends in March.”

20 January 2012

Some 20,000 staff giving advice on tax returns will go on strike for 30 minutes on Monday, due to concerns over alleged privatisation reports at HMRC. There may also be strikes on 31 January, deadline day for tax returns.

20 January 2012

The unemployment rate for the three months to November 2011 was 8.4%, up 0.3% on the previous quarter, figures from the Office for National Statistics show.

The total number of unemployed people increased by 118,000 over the quarter to reach 2.68 million. There were 1.60 million people claiming Jobseeker’s Allowance in December 2011, up 1,200 on November.

20 January 2012

Lenders offering some of their cheapest mortgage deals ever helped to make homeowners’ monthly mortgage payments in 2011 the most affordable on record, according to new research from Barclays.

The bank analysed over one million of their customers’ accounts and found, on average, people paid just 15.4% of their take home pay last year to cover mortgage payments. The lowest point since records began 10 years ago.

Furthermore, a survey commissioned by Barclays found that just 40% of homeowners think interest rates will increase this year, compared to 74% who were asked at the beginning of 2011.

Aaron Strutt, a broker at Trinity Financial, says: “Mortgage rates are slightly more expensive than they were at the end of last year, but there are still a lot options available. Clydesdale Bank have a two-year fix at 2.89% and it has a £1499 arrangement fee – they are also happy to lend up to £2 million.

“Halifax has another low two-year fix at 3.09% and their lending criteria is often more flexible than other banks. The mortgage has a £999 arrangement fee and the maximum loan is £1 million.

“I think that many borrowers are unaware that they could qualify for a mortgage and that the banks have made large steps forward in terms of expanding their products.”

13 January 2012

Council tenants in England who sub-let their home will face up to two years in prison under new government proposals.

If the new laws are passed, local councils would receive more powers to investigate fraud, including better access to information from banks and utility companies.

The BBC quoted Housing Minister, Grant Shapps as saying: “Tenancy cheats are taking advantage of a vital support system for some of the most vulnerable people in our society and getting away with a slap on the wrist, while our waiting lists continue to grow.

“It is time for these swindlers to pay the price. It would cost us billions of pounds to replace the huge number unlawfully occupied social homes across the country.”

Illegal subletting is thought to be widespread problem for housing associations and councils. The government estimates that more than 160,000 such properties are occupied illegally, putting huge pressure on the 5m-strong waiting list for social housing.

The government are going to consult on proposals for specific criminal offences in existence for social security fraud. But those breaking the rules could face two years in jail and a fine of up to £50,000.

13 January 2012

Standard & Poor’s has downgraded Northern Rock’s long-term credit rating following its acquisition by Virgin Money.

Its rating has been downgraded from A- to BBB+, while its short-term rating of A-2 has been affirmed, and its outlook has been rated as stable.

Standard & Poor’s says that under its revised bank criteria, its ratings for Northern Rock must be based on the groups credit profile of Virgin Money and Northern Rock. It says its assessment of the consolidated firm’s profile reflects its weak business position, strong capital and earnings, adequate risk position, average funding and adequate liquidity.

Source: Mortgage Strategy

13 January 2012

The Bank of England Monetary Policy Committee has kept base on hold and maintained the size of their asset purchase programme for January.

In October the MPC voted to increase its quantitative easing programme by £75bn to £275bn and this programme is expected to complete in February 2012.

13 January 2012

The Royal Bank of Scotland has announced it is to cut around 3,500 jobs as part of changes to its investment banking/wholesale business.

Job losses are the result of the Group’s development strategy implemented in 2009.

The changes follow a review outlined in its Q3 2011 results, in light of the new financial market and regulatory environment. The changes will see the reorganisation of the RBS wholesale business into “Markets” and “International Banking” and the exit and downsizing of selected activities, including: cash equities, corporate broking and equity capital markets.

Group Chief Executive Stephen Hester said: “This strategy has succeeded in making RBS stronger and placing us on the road to long-term success. We have reduced our balance sheet by some £600 billion and have rebuilt our capital ratios that place us among our strongest international peers.

“Our investment bank has produced an average return on equity of 19% and delivered over £10 billion in profits since 2009.  Our Non-Core assets have fallen below £100 billion. Profits from our core businesses have been essential for the clean-up losses of the RBS legacy.”

13 January 2012

Mortgage rates in the United States have hit record lows, according to Freddie Mac’s weekly report.

The average rate of a 30-year fixed mortgage fell to a low of 3.89% in January 2012. A year ago the average 30-year fix was 4.71%.

The average 15-year fixed mortgage also fell to 3.16%.

13 January 2012

Leeds Building Society and Aldermore Bank now offer 20% deposit buy-to-let mortgages. Both lenders require slightly less than the more standard 25% normally demanded from other buy-to-let lenders.

Trinity Financial has access to a lender offering one of the only buy-to-let mortgages available to investors with a 15% deposit.

13 January 2012

Average selling prices in the west of Scotland are almost 4% higher than a year ago at £133,000 – compared to £128,000 in January 2011.

According to the Glasgow Property Centre, this is the first time house price inflation in Scotland has been positive since early 2010. However, house prices are still 11% below their 2007 peak and transaction numbers remain low.

13 January 2012

Mortgage lenders have started the year in a positive way with the introduction of more buy-to-let mortgages and the easing of some lending criteria. Trinity Financial expects lending to landlords and property investor’s to rise this year.

Paragon Mortgages launched 44 new rates yesterday and Godiva Mortgages introduced some new options for those wanting to take a mortgage without tie-ins.

Just before Christmas Woolwich temporarily pulled out of the buy-to-let market because they had been inundated with mortgage applications and they are still experiencing technical problems.

Building Societies in particular are looking to lend more to investors and Abbey for Intermediaries have big plans to be one of the top buy-to-let lenders. They made their long awaited return to the sector late last year.

Aaron Strutt, a broker at Trinity Financial, says: “We are expecting more lenders to offer buy-to-let mortgages, but you are still likely to need at least a 25% deposit.

“There are further signs that criteria is easing and NatWest has made an unusual decision to lend more to wealthy investors. Applicants earning £50,000 a year will be able to borrow considerably more money than those earning the minimum requirement of £20,000. The bank thinks that they will be in a better position to cover any void periods through earning more.”

Godiva Mortgages offers the lowest two-year fixes at 3.65% and it has a £2,249 arrangement fee.  They also have a five-year fix at 4.99% and it has a lower arrangement fee at £1,249. Both mortgages require a 35% deposit.

6 January 2012

Virgin Money’s agreement with HM Treasury to buy the entire issued capital of Northern Rock is now complete. The sale could be worth more than £1 billion.

The acquisition includes 75 Northern Rock branches, one million customers, a mortgage book worth approximately £14 billion, a retail deposit book worth approximately £16 billion and 2,100 employees.

Northern Rock for Intermediaries broker support team now answer the telephone as Virgin Money – and they have been unveiled as Newcastle United’s new team sponsor.

Virgin Money bank is also thought to be planning compulsory charges of about £60 a year for new current account customers, in return  they may get discounts if they use Virgin’s gyms, internet and other services. Northern Rocks existing 118,000 current account customers are not expected to be forced to switch to paid bank accounts.

6 January 2012

Average asking prices for property in Ireland fell by 18% in 2011, according to a report by property website Daft.ie.

A report published by the property website, shows that asking prices dropped by 7.7% in the three months to December, the sharpest quarterly price fall to date.

It takes the average asking price to just over €175,000 – 52% below its 2007 peak of €366,000.

Ronan Lyons, an economist at Daft.ie, is quoted as saying: “Looking ahead to 2012, confidence and finance are central. It is vital to remember that recovery in the property market does not mean an increase in prices, it means an increase in transactions.”

Another Irish property website recently put the decline in Irish house prices for 2011 slightly lower at 13%.

6 January 2012

Godiva Mortgages has launched a range of leading fixed and tracker rates and they allow borrowers to repay the mortgage early without incurring a big charge.

Godiva’s most competitive five-year residential fixed rate without a tie-in is 3.89% and it is flexible. There is a £999 arrangement fee and a free property valuation.

6 January 2012

Large companies and wealthy individuals who use corporate lawyers to dodge tax face new rules to make them pay in a New Year clampdown on tax avoidance. Treasury officials are looking at new proposals from a tax expert to tighten up the rules.

6 January 2012

Clydesdale and Yorkshire Banks are waiving arrangement fees in their New Year sales for those taking out a mortgage before February 25. The offer represents a saving of £999 on their residential mortgages up to 90% LTV.

There are some catches though… If you want an interest-only mortgage or you are a first-time buyer – you do not qualify.

6 January 2012

A survey by price comparison site Gocompare.com shows that financial affairs now top the nations New Year’s resolution list, rather than health and fitness goals.

It is the first time since the recession in 2009 that financial affairs have topped the list.  Reducing outgoings (40%) tops the financial-related questionnaire, followed by paying off debt (35%).

6 January 2012

Trinity Financial are experts at arranging mortgages and the majority of our clients are leading professionals.

As a whole of market  mortgage broker we are not limited to a number of lenders and we have excellent relationships with many of the private banks.

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We will search the market to find the best deal to suit you.

Call us on 020 7016 0790 to find out how we can help.

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As a whole of market  mortgage broker we are not limited to a number of lenders and we have excellent relationships with many of the private banks.

We offer all of our clients seeking PR professional mortgages a bespoke service and we assist applicants from their initial enquiry until completion of the mortgage.

We will search the market to find the best deal to suit you.

Call us on 020 7016 0790 to find out how we can help.

Trinity Financial are experts at arranging mortgages and the majority of our clients are leading professionals.

As a whole of market  mortgage broker we are not limited to a number of lenders and we have excellent relationships with many of the private banks.

We offer all of our clients seeking Surgeon mortgages a bespoke service and we assist applicants from their initial enquiry until completion of the mortgage.

We will search the market to find the best deal to suit you.

Call us on 020 7016 0790 to find out how we can help.

Trinity Financial are experts at arranging mortgages and the majority of our clients are leading professionals.

As a whole of market  mortgage broker we are not limited to a number of lenders and we have excellent relationships with many of the private banks.

We offer all of our clients seeking Financial Analyst mortgages a bespoke service and we assist applicants from their initial enquiry until completion of the mortgage.

We will search the market to find the best deal to suit you.

Call us on 020 7016 0790 to find out how we can help.

Trinity Financial are experts at arranging mortgages and the majority of our clients are leading professionals.

As a whole of market  mortgage broker we are not limited to a number of lenders and we have excellent relationships with many of the private banks.

We offer all of our Dental clients seeking mortgages a bespoke service and we assist applicants from their initial enquiry until completion of the mortgage.

We will search the market to find the best deal to suit you.

Call us on 020 7016 0790 to find out how we can help.

Trinity Financial are experts at arranging mortgages and the majority of our clients are leading professionals.

As a whole of market  mortgage broker we are not limited to a number of lenders and we have excellent relationships with many of the private banks.

We offer all of our clients seeking Pharmacist mortgages a bespoke service and we assist applicants from their initial enquiry until completion of the mortgage.

We will search the market to find the best deal to suit you.

Call us on 020 7016 0790 to find out how we can help.

Trinity Financial are experts at arranging mortgages and the majority of our clients are leading professionals.

As a whole of market  mortgage broker we are not limited to a number of lenders and we have excellent relationships with many of the private banks.

We offer all of our clients seeking Statistician mortgages a bespoke service and we assist applicants from their initial enquiry until completion of the mortgage.

We will search the market to find the best deal to suit you.

Call us on 020 7016 0790 to find out how we can help.

Trinity Financial are experts at arranging mortgages and the majority of our clients are leading professionals.

As a whole of market  mortgage broker we are not limited to a number of lenders and we have excellent relationships with many of the private banks.

We offer all of our clients seeking Lawyer mortgages a bespoke service and we assist applicants from their initial enquiry until completion of the mortgage.

We will search the market to find the best deal to suit you.

Call us on 020 7016 0790 to find out how we can help.

Trinity Financial are experts at arranging mortgages and the majority of our clients are leading professionals.

As a whole of market  mortgage broker we are not limited to a number of lenders and we have excellent relationships with many of the private banks.

We offer all of our clients seeking Archivist mortgages a bespoke service and we assist applicants from their initial enquiry until completion of the mortgage.

We will search the market to find the best deal to suit you.

Call us on 020 7016 0790 to find out how we can help.

Trinity Financial are experts at arranging mortgages and the majority of our clients are leading professionals.

As a whole of market  mortgage broker we are not limited to a number of lenders and we have excellent relationships with many of the private banks.

We offer all of our clients seeking Architect mortgages a bespoke service and we assist applicants from their initial enquiry until completion of the mortgage.

We will search the market to find the best deal to suit you.

Call us on 020 7016 0790 to find out how we can help.

Trinity Financial are experts at arranging mortgages and the majority of our clients are leading professionals.

As a whole of market  mortgage broker we are not limited to a number of lenders and we have excellent relationships with many of the private banks.

We offer all of our clients seeking Advocate mortgages a bespoke service and we assist applicants from their initial enquiry until completion of the mortgage.

We will search the market to find the best deal to suit you.

Call us on 020 7016 0790 to find out how we can help.