Mortgage News
Abbey launches 1.94% seven day special
Trinity Financial has secured access to Abbey for Intermediaries new 1.94% two-year fixed rate mortgage which will be available for just seven days.
The rate has a £1,495 arrangement fee and borrowers will need a 40% deposit to access this deal. The mortgage also has a maximum loan size of £1 million and it will be withdrawn on May 23, 2013.
Anthony Emmerson, a director at Trinity Financial, says: “One other incentive is that Abbey still offer interest-only, unlike many of the other high street mortgage lenders.”
May 17, 2013
Increase in the number of council tenants buying their homes
There has been an increase in the amount of people buying their council homes according to statistics on Housing minister Mark Prisk’s blog.
A total of 5,942 homes were sold to council house tenants using the Right to Buy scheme between April 2012 and April 2013. This is more than double the number sold in the previous year and the highest number of sales since 2007.
In this year’s Budget the Government raised the maximum discount people can get off of a council property to £75,000, unless the property is in London, where the discount is now £100,000. There are also new rules to allow people living in a council property to buy their home after three years rather than five.
Rob Campbell, a director at Shelter told the BBC: “Short-term quick-fix announcements may have stolen some headlines, but the reality is that a generation’s hope for a home of their own is continuing to slip away because of our chronic shortage of affordable homes.”
May 17, 2013
More people using brokers to secure a mortgage
There has been an increase in the amount of people using brokers to get a mortgage according to figures from the Council of Mortgage Lenders.
During the first quarter of this year approximately 52% of remortgage borrowers took out their loan via a mortgage intermediary, compared to 48% in the fourth quarter of 2012.
The stats also show that 48% of home movers and 55% of first-time buyers went via a mortgage broker. This is up from 45% and 54% respectively in the fourth quarter.
Aaron Strutt, a broker at Trinity Financial, says: “It is not a really a surprise more people are turning to brokers, it can be a complicated process getting a mortgage. Especially if your financial position is more complex.
“We recently secured a mortgage offer for a first-time buyer in less than five days as he was in a rush to exchange contracts.”
May 17, 2013
Hanley Economic offer 5% deposit mortgage
Hanley Economic Building Society is offering one of the only 5% deposit two-year fixed rates mortgages in the market. Their 5.89% rate is available through Trinity Financial and it has a £200 arrangement fee.
There are very few banks and building societies offering strait forward 5% deposit mortgages as they typically require a family guarantee or a second charge on another property.
Woolwich still has their Family Springboard mortgage. The 5% deposit rate is fixed for three years at 4.69% and it has a £499 arrangement fee. Prior to completion a 10% deposit must be placed in a Barclays Helpful Start Account for a minimum of three years to act as a guarantee against negative equity.
May 17, 2013
Nationwide’s buy-to-let lending arm opens up first-time landlord range
The Mortgage Works, part of the Nationwide Building Society, has made a positive change to their buy-to-let mortgage range by allowing first-time landlords access to all of their buy-to-let rates, rather than a more expensive specific range.
First-time landlords will be able to access their mortgage rates, although not first-time buyers. Mortgage lenders expect borrowers to already own a residential property to show that they have a track recording of paying a mortgage and also to reduce the chance of borrowers living in the investment property.
The Mortgage Works is also introducing a wider choice of £995 arrangement fees and a new 4.29% five-year fixed at 65% LTV. It also has a £995 arrangement fee.
If you would like help securing a buy-to-let mortgage, call us on 020 7016 0790.
May 17, 2013
First-time buyer activity up again in March
First-time buyer activity remained strong in March with the number of first-time buyers increasing by 20% according to data published today by the Council of Mortgage Lenders (CML).
A total of 19,100 loans (worth £2.4 billion) were advanced to first-time buyers in March, up from 15,900 loans in February, but down on the 24,400 loans advanced in March last year.
The average deposit first-time buyers put towards their property purchase remained at 20%. Although, the CML says that there has been a gradual increase in the proportion of first-time buyers taking out loans with a deposit of 10% or less.
May 17, 2013
Investec launch exclusive buy-to-let £1 million plus mortgage
Trinity Financial has secured access to Investec Bank’s new £1 million plus buy-to-let mortgage.
The rate is fixed for two-years at 4.69% and it is available for mortgages up to £1.5 million. There is a £1,995 arrangement fee and borrowers will need a 25% deposit.
Aaron Strutt, a broker at Trinity Financial, says: “The rental cover calculation is 125% at 5% and the mortgage reverts to 4.29% over LIBOR.
“Investec will lend to professional landlords unlike many of the other banks and the maximum property portfolio with the lender is £5 million or six properties, whichever is the lowest.”
If you would like help securing a buy-to-let mortgage or to refinance a property portfolio, call us on 020 7016 0790.
May 15, 2013
Investec launch new second home and pied-à-terre mortgage
Investec Mortgages has launched a new mortgage designed for borrowers looking to buy a second home or pied-à-terre close to work.
The rate is fixed for two-years at 3.44% and it is available to those able to put down a 30% deposit. The arrangement fee is £999 for mortgages up to £500,000 and rises to £1,495 for mortgages up to £1 million.
Investec’s mortgages can potentially be taken on an interest-only basis.
Aaron Strutt, a broker at Trinity Financial, says: “Investec is not the only bank offering second home mortgages, although they are one of a select few. Many of the high street mortgage lenders will not offer second home mortgages because they are concerned it will be let out.”
If you would like help securing a mortgage, call Trinity Financial on 020 7016 0790 or email us at enquiries@trinityfinancialgroup.co.uk
May 10, 2013
Buy-to-let lending reaches £4.2 billion
Gross mortgage lending of £4.2 billion across 33,500 mortgages was advanced to buy-to-let landlords in the first quarter of 2013, according to the latest survey data from the Council of Mortgage Lenders. This compares with £4.6 billion the previous quarter and £3.7 billion in the first quarter of last year.
Nearly half of this lending was for remortgage, rather than house purchase. Nevertheless, the buy-to-let sector continued to grow and loan performance improved.
There are now around 1.46 million buy-to-let mortgages in the UK, accounting for 13% of the total estimated stock of 11.26 million mortgages.
May 10, 2013
Halifax targeting £1 million plus mortgages
Halifax has launched a range of large mortgage loans available to high-net worth borrowers looking to raise between £1 million and £5 million.
Trinity Financial has access to Halifax’s leading two-year tracker rate at 2.64%. It is available to borrowers with a 40% deposit and looking for a mortgage between £1 million and £5 million. For those with a 30% deposit, their 3.24% two-year fix is also very competitively priced. These rates have £1,499 arrangement fees.
Aaron Strutt, a broker at Trinity Financial, says: “It does seem like the high street mortgage lenders are battling to regain control of the large loan mortgage market and our clients are getting a wider choice of banks to choose from. Private banks always used to be a niche option and they are getting a lot more competition.
“There are a number of high street mortgage lenders looking to specifically lend over £1 million and some of their rates are incredibly low. Not all lenders are looking to lend over £500,000 and some even charge a separate arrangement fee for every £500,000 borrowed.”
If you would like help securing a large mortgage loan, call us on 020 7016 0790 or send an email to enquiries@trinityfinancialgroup.co.uk
May 10, 2013
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