020 7016 0790

NatWest recently pulled most of their mortgage rates and adjusted their interest-only lending criteria, but they have returned to the market with a significantly improved mortgage range.

Trinity Financial has access to NatWest’s new corporate deals and their most competitive mortgage is an 18 month base rate tracker at 3.29%. It is available to those with a 25% deposit and there is a £999 arrangement fee. The maximum  loan is £1 million.

Woolwich re-launched their standard and high net worth mortgages and their most competitive deals start at 3.29%.  If you are looking to secure a mortgage over £1 million then there are a number of options to choose from. This includes a two-year fix at 3.69% with a £3,000 arrangement fee.  You will need a 40% deposit.

If you have an existing current account with either Barclays or NatWest and you have paid at least £1,000 in to it for the last three months, we can access lower mortgages for you.  More banks are starting to offer cheaper rates to existing customers.

Call us on 020 7016 0790.

March 30, 2012.

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

The mortgage rate is funded by the Kent Reliance Building Society and it is fixed for two-years at 5.99%. The completion fee is 1% of the loan amount and there is a booking fee of £130.

For those with a larger deposit, there are some particularly competitive mortgages available.  Skipton Building Society offers a two-year fixed rate at 4.59% and the arrangement fee is one of the lowest in the market at £995. The lender requires a 30% deposit.

Buy-to-let mortgages are more expensive than they were a few months ago and lenders seem to be changing them more frequently.

Paragon and Mortgage Trust have withdrawn all of their investment mortgage rates and NatWest increased the price of their two-year fixed rate by up to 0.3%.  Their lowest two-year tracker mortgage is available at 4.19% to investors with a 25% deposit and the arrangement fee is £1,999.

March 30, 2012

Many of the largest banks and building societies have tightened their interest-only qualification criteria and it is harder for many borrowers to qualify without a 50% deposit.  However, if you have a valid plan for repaying your mortgage then there are a number of good options available.

The Nottingham Building Society offers interest-only providing you have a 20% deposit and Virgin Money can lend if you have a 25% deposit.

Aaron Strutt, a broker at Trinity Financial, says: “When applying for a mortgage, one of the first things the lender will want to know is how you will repay the mortgage.  An acceptable plan will typically include investments or an ISA. They may also accept the sale of an investment property.”

March 30, 2012

The Financial Services Authority (FSA) has fined Coutts & Co £8.75m for failing to take reasonable care to establish money laundering regulations.

Coutts failed to identify criminal allegations,  according to the FSA.

March 30, 2012

The number of complaints about financial institutions, including mortgage businesses, rose significantly in the second half of 2011 according to the latest complaints data from the Financial Services Authority.

There were 52,746 complaints about mortgage businesses in the second half of 2011, up from 29,917 in the first half of 2011.

A large number of the complaints were upheld in favour of the consumer at 47% or 25,687.

Santander UK received the most complaints relating to home finance products with 10,874, closely followed by Bank of Scotland with 10,034.

Choosing the most appropriate mortgage broker and mortgage lender is a good way of reducing your chances of having to complain.

Aaron Strutt, a broker at Trinity Financial, says: “We have a wealth of contacts at many of the leading banks and we aim to get your mortgage application through as quickly and efficiently as possible.”

March 30, 2012

The Co-operative Group’s acquisition of Lloyds Banking Group’s 632 branches may not go ahead as planned, although the final decision will be announced over the next few weeks.

Peter Marks, the chief executive of the Co-operative Group is reported to have told the BBC that the deal may not go ahead.

March 30, 2012

According to the Nationwide Building Society, house prices fell 1% in March as the cost of the average home was down 0.9% at £163,327 compared to a year earlier.

Robert Gardner, Nationwide’s chief economist, said that he thought house prices would move sideways or modestly lower over the next 12 months.

March 30, 2012

The Government is reportedly in talks to sell a significant stake in Royal Bank of Scotland to Abu Dhabi, according to the BBC.  The government controls 82% of RBS and have been negotiating with Abu Dhabi sovereign funds. RBS shares are currently priced at 28p.

March 30, 2012

The average asking price for a property in Kensington and Chelsea has broken the £2m barrier for the first time. The typical price for a property on the market now stands at £2,000,120 in the borough, according to the property website Rightmove.

London property prices reached a new average high of £455,159 and this is up 7.3% year-on-year.

March 23, 2012

Nationwide Building Society is the latest lender to change their lending policy and they now require a 50% deposit to secure an interest-only mortgage.

Earlier this week the Coventry Building Society adjusted their interest-only requirements and they also require a 50% deposit.

Over the last few months banks have been under increasing pressure from the Financial Services Authority to tighten their risk procedures and exposure levels. Their intervention is filtering through to the mortgage market and mortgage rates are changing accordingly.

Over one million interest-only borrowers over 50 may be unable to remortgage when their mortgage term ends over the next 10 years, according to the FSA. In 2011, 51,500 borrowers took an interest-only mortgage, down from 251,000 in 2007.

March 23, 2012

Properties sold for more than £2m will be subject to a new 7% stamp duty charge, Chancellor George Osborne has confirmed.

The latest statistics from the Land Registry show that in November 2011 there were 121 homes sold for more than £2m in England and Wales. Of these 121 homes, 98 were in London.

Mr Osborne also ruled that stamp duty on residential properties over £2m bought through a company would increase to 15% with immediate effect. The government is particularly keen to stop Stamp Duty avoidance schemes and plans to announce more legislation to continue their tough stance.

Dominic Agace, CEO of Winkworth PLC, comments on the decision: “According to Rightmove, there are around 2,000 properties currently for sale at the £2million plus mark on their portal.  Given this relatively low volume, I question whether raising the Stamp Duty on properties at this level will have any notable impact when it comes to raising funds.  However, the new 15% Stamp Duty tax applied to properties at £2million plus bought via companies will be incredibly effective, closing the loophole that has been so exploited by the super-wealthy to date.”

March 23, 2012

Gross mortgage lending in February was almost identical to the previous month, but increased significantly year-on-year, according to the Council of Mortgage Lenders (CML).

Lending in February was an estimated £10.7bn and remained relatively unchanged on January’s £10.65bn. This is 14% higher than February last year.

Bob Pannell, chief economist at the CML, says that while a seasonal decline is expected over the winter months, February was the seventh consecutive month to see a year-on-year rise in lending.

March 23, 2012

Virgin Money has stopped offering a fast track facility for mortgage applications. They now require income verification from all borrowers.

Some lenders offer fast-track mortgages as a way of speeding up application processing times and lenders expect brokers to confirm that the income declared on the application form is correct.

If you are employed and would like a Virgin Money mortgage, you will be required to provide two month’s payslips and a latest P60. Self-employed applicants will have to show their last two years accounts, two years SA302s or an accountant’s certificate.

March 23, 2012

Over 40% of consumers expect house prices to rise in 2012 and this is an increase from 33% of those surveyed in December 2011.

The Building Societies Association found says that their latest property tracker index shows consumers in the South East are the most positive with 53% of them forecasting property prices will go up this year.

Just 14% think that house prices will fall and 44% think that it is currently a good time to get on the property ladder.

Buying a home remains cheaper than renting across 84% of towns and cities in Britain, but this is down from 94% just three months ago.

According to Zoopla.co.uk, the average rent has fallen by £9 to £1,470 a month in February.

Milton Keynes was the most expensive place to rent compared to buying, with rents almost 40% more expensive.

March 23, 2012

The average 30-year fixed rate mortgage in the US has risen above 4% for the first time in more than three months.

The average 15 year fix rose to 3.30% from 3.16% last week. Optimism is reported to be rising as employers added an average of 244,600 jobs each month from December.

The US unemployment rate is the lowest level for three years at 8.3%.

March 23, 2012