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  • Buy to let mortgage rates fell in October (1) | Mortgages for Business
    to let mortgage rates fell in October 06 11 15 Written by Jenny Barrett Mortgages for Business s latest Buy to Let Mortgage Product Index reveals rates fell and product availability rose in October October s Buy to Let Mortgage Product Index shows that there were on average 1 034 buy to let mortgages available to UK borrowers last month and that an average of 33 buy to let lenders were active in the market The number of buy to let mortgage products continues to rise month on month Product numbers topped the 1 000 mark for the majority of October peaking at 1 066 With regards to loan to value figures there was no change from the previous month 39 of buy to let mortgages were available to 75 LTV Higher LTVs were available but those came with stricter lending criteria and at a higher cost 9 of buy to let mortgages were available to 80 and there were six products available at 85 LTV but they made up less that 1 of the market These figures are consistent with the past six months in that the split of products by loan to value has not varied greatly Average pricing of rates fell in October as lenders looked to meet their end of year targets The average fixed rate buy to let mortgage for a five year term was 4 21 in October as opposed to 4 37 in September Similarly the average shorter term two year fixed rate buy to let mortgage was 3 37 whereas it was 3 47 in September Year on year fixed rates fell by an even greater margin In October 2014 the average cost of a five year fixed rate buy to let mortgage stood at 4 46 and two year fixed rates

    Original URL path: http://mortgagesforbusiness.co.uk/news-insight/2015/november-2015/buy-to-let-mortgage-rates-fell-in-october-1/ (2016-02-16)
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  • Bank Rate unchanged as Bank of England maintains record low of 0.5pc | Mortgages for Business
    Case processing BrokerBusiness Case Studies Consulting Buy to Let Lending Mortgage Flow Published Research News Insight Buy to let mortgages Commercial Mortgages Property Development Finance Bridging Short Term Finance Residential Mortgages About Meet the team Our approach Awards Testimonials Careers Contact us 0845 345 6788 Share News Insight Bank Rate unchanged as Bank of England maintains record low of 0 5pc 06 11 15 Written by Jenny Barrett Following its latest Monetary Policy Committee MPC meeting the Bank of England has announced that it will keep interest rates at 0 5 and that its monetary easing program will remain unchanged The Bank of England s MPC sets monetary policy in order to meet the 2 inflation target and in a way that helps to sustain growth and employment As such the committee voted by a majority of 8 1 to maintain Bank Rate at 0 5 with Ian McCafferty who felt there was enough inflationary pressure to vote for a rate rise to 0 75 being the only dissenter Minutes of the meeting issued by the Bank of England clearly indicate that the rest of the committee disagreed highlighting divisions among policymakers over the outlook for troubled emerging markets such as China inflation and growth Philip Shaw an economist at Investec said This does not look like a committee that is of a mind to push rates up any time soon The meeting voted unanimously to maintain the size of the Asset Purchase Programme at 375bn In a statement Mark Carney governor of the Bank of England said All members agree that given the likely persistence of the headwinds weighing on the economy when Bank Rate does begin to rise it is expected to do so more gradually and to a lower level than in recent cycles This guidance is

    Original URL path: http://mortgagesforbusiness.co.uk/news-insight/2015/november-2015/bank-rate-unchanged-as-bank-of-england-maintains-record-low-of-05pc/ (2016-02-16)
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  • Contrary to rate rise speculation, mortgage rates drop to record low | Mortgages for Business
    speculation that Bank Rate will rise next year Last year the average rate for a five year fixed residential mortgage deal was 4 06 and in 2012 it was 4 67 The current rate stands at a significantly lower 3 45 Similarly the average three year fixed rate has been recorded as 3 21 today compared to a rate of 4 80 in 2012 and the average two year fixed mortgage rate now stands at 2 90 whereas it was 4 48 in 2012 These are the findings from comparison website MoneySupermarket The same story is seen in the buy to let sector The Buy to Let Mortgage Product Index published by Mortgages for Business shows the current average rate for a five year fixed buy to let mortgage was 4 30 in September 2015 compared to 4 55 for the same product in September 2014 The pattern continues when looking at shorter term buy to let mortgages An average three year fixed rate buy to let mortgage came in at 4 53 in September this year in comparison to 4 44 in September 2014 While the average two year fixed rate buy to let mortgage was 3 42 in September this year compared to 3 81 in September 2014 When reviewing the range of products currently on offer there is now a greater choice of both buy to let and residential mortgages available For those borrowers looking for substantially longer terms on a residential mortgage there are currently 41 ten year fixed rate products on the market while just last month there were only 35 The number of buy to let mortgage products also continues to rise month on month and borrowers now have a comprehensive 1 003 products to choose from compared to 754 in September 2014 Dan

    Original URL path: http://mortgagesforbusiness.co.uk/news-insight/2015/november-2015/contrary-to-rate-rise-speculation-mortgage-rates-drop-to-record-low/ (2016-02-16)
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  • New year will see rebrand for Dragonfly Property Finance | Mortgages for Business
    Flow Published Research News Insight Buy to let mortgages Commercial Mortgages Property Development Finance Bridging Short Term Finance Residential Mortgages About Meet the team Our approach Awards Testimonials Careers Contact us 0845 345 6788 Share News Insight New year will see rebrand for Dragonfly Property Finance 03 11 15 Written by Jenny Barrett Short and medium term lender Dragonfly Property Finance has announced it will rebrand as Octopus Property in the first half of next year Dragonfly Property Finance was established in 2009 and is part of The Octopus Group an investment business with over 5 5bn of funds under management This latest rebrand the exact date of which is still to be confirmed can be seen as the lender s intention to further align itself with its parent firm Mark Posniak managing director of Dragonfly Property Finance said Octopus has been instrumental to Dragonfly s success ever since it provided the business with its first funding line back in 2009 We have always been part of Octopus and the rebrand cements this relationship with the broader Octopus group We firmly believe that the strength of the Octopus brand will put us in an even stronger market position helping us to accelerate our growth in the years ahead We have big plans for the future and while the Dragonfly brand is strong we feel we will be able to achieve them much sooner by being part of Octopus Property The Octopus Group has leading positions in several specialist sectors and following its rebrand Octopus Property will join Octopus Investments Octopus Healthcare and Octopus Ventures as part of Octopus Group s rapidly expanding portfolio Simon Rogerson CEO of Octopus added Dragonfly is a first class business supported by a talented team and it continues to make a significant contribution to the

    Original URL path: http://mortgagesforbusiness.co.uk/news-insight/2015/november-2015/new-year-will-see-rebrand-for-dragonfly-property-finance/ (2016-02-16)
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  • Accord cuts rates on 75% LTV products | Mortgages for Business
    Bridging short term finance Bridging loans Refurbishment finance Auction Finance Residential mortgages Residential mortgages Rates Loans Fees How to apply Types of mortgage Residential Stamp Duty Calculator Research Case Studies Complex Buy to Let Index Buy to Let Mortgage Product Index Buy to Let Mortgage Costs Index Limited Company Buy to Let Index Property Investor Survey Money Markets FAQs FirstRate MFB TV Helping brokers with Buy to let mortgages Commercial mortgages Property development finance Bridging short term finance Case processing BrokerBusiness Case Studies Consulting Buy to Let Lending Mortgage Flow Published Research News Insight Buy to let mortgages Commercial Mortgages Property Development Finance Bridging Short Term Finance Residential Mortgages About Meet the team Our approach Awards Testimonials Careers Contact us 0845 345 6788 Share News Insight Accord cuts rates on 75 LTV products 02 11 15 Written by Jenny Barrett Buy to let lender Accord has has reduced the rates on its 75 LTV mortgage offering The rates on the lender s two year fix 75 LTV product range now stands at 2 84 with an 800 fee Alternatively landlords can choose a rate of 3 19 with no fee payable Accord Buy to Let is also offering clients looking to widen their portfolios 500 cashback on completion of a new sale Landlords seeking to remortgage existing properties will be offered a free standard valuation as well as either 300 cashback on completion or free standard legals Chris Maggs Accord s Buy to let commercial manager said We are constantly reviewing our buy to let mortgages to offer the best fit for landlords and our new 75 LTV range allows those with a 25 deposit to pick and choose the best loan to suit their individual requirements The addition of our new two year tracker options means we now offer

    Original URL path: http://mortgagesforbusiness.co.uk/news-insight/2015/november-2015/accord-cuts-rates-on-75-ltv-products/ (2016-02-16)
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  • Advisers urge lenders to provide ‘more interest-only equity release solutions’ | Mortgages for Business
    30 10 15 Written by Jenny Barrett According to the latest research advisors are demanding that lenders provide more solutions for customers struggling with interest only mortgages A survey of 96 advisers commissioned by Bower Retirement Services in September indicates that nearly one in three 30 wanted product development to focus on interest only the same number who believe equity release rate cuts will drive demand According to the research advisers are getting more inquiries from clients who are looking for help with interest only issues 15 of those advisers surveyed say the rise in this type of inquiry has been substantial over the past year Respondents further estimated that an average of 25 of their over 55 clients have outstanding interest only mortgages compared to an average of 30 of clients who have outstanding mortgages Data from the Council of Mortgage Lenders revealed recently that the number of interest only loans now stands at 2 36 million having dropped by a quarter in the past two years with 1 9 million pure interest only and 446 000 part and part Last year around 112 000 loans were paid off and another 335 000 were switched to repayment However two fifths of those switched from interest only would not have been due for payment until 2028 Andrea Rozario chief corporate officer Bower Retirement Services said The drop in the number of outstanding interest only loans shows the success of efforts to ensure people who are at risk are aware of the problem and are taking action However advisers are seeing increased inquiries from over 55s customers looking for help on dealing with interest only issues and are realising they need to offer a range of solutions which includes equity release plans Equity release plans which enable customers to pay interest

    Original URL path: http://mortgagesforbusiness.co.uk/news-insight/2015/october-2015/advisers-urge-lenders-to-provide-more-interest-only-equity-release-solutions/ (2016-02-16)
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  • October sees house prices rise by 0.6% | Mortgages for Business
    Careers Contact us 0845 345 6788 Share News Insight October sees house prices rise by 0 6 29 10 15 Written by Jenny Barrett House prices were on the rise again in October taking the annual rate of price growth to 3 9 from 3 8 in September Nationwide s House Price Index shows that prices across the country rose by 0 6 edging the average cost of a home to 196 807 from 195 585 Robert Gardner Nationwide s chief economist said the rise was broadly consistent with earnings growth over the longer term While this bodes well for a sustainable increase in housing market activity much will depend on whether building activity can keep pace with increasing demand he added It was also noted by Nationwide that due to the widespread speculation about when the Bank of England may raise interest rates fixed rate mortgages continue to be the most popular choice for homeowners Gardner commented Borrowers taking out fixed rate mortgages have benefited from historically low interest rates For example in September the average two year fix for those with a 25 deposit was 1 91 While this is a little higher than the rates prevailing in the summer it is almost two percentage points below the level prevailing in 2012 Moreover for borrowers with a 10 deposit the rates available for two year fixes are currently the lowest on record Historically low interest rates have helped to offset the negative impact of rising house prices on affordability Gardner also believes that the popularity of fixed rate mortgages should help the market withstand any potential rate rises in the coming year He said As a result of the popularity of fixed rate mortgages in recent years the proportion of outstanding mortgages on variable interest rates has declined

    Original URL path: http://mortgagesforbusiness.co.uk/news-insight/2015/october-2015/october-sees-house-prices-rise-by-06/ (2016-02-16)
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  • Mortgage Trust updates buy to let range | Mortgages for Business
    Non Residential Stamp Duty Calculator Property Development Finance Property development finance Rates Loans Fees How to apply Refurbishment finance Bridging short term finance Bridging short term finance Bridging loans Refurbishment finance Auction Finance Residential mortgages Residential mortgages Rates Loans Fees How to apply Types of mortgage Residential Stamp Duty Calculator Research Case Studies Complex Buy to Let Index Buy to Let Mortgage Product Index Buy to Let Mortgage Costs Index Limited Company Buy to Let Index Property Investor Survey Money Markets FAQs FirstRate MFB TV Helping brokers with Buy to let mortgages Commercial mortgages Property development finance Bridging short term finance Case processing BrokerBusiness Case Studies Consulting Buy to Let Lending Mortgage Flow Published Research News Insight Buy to let mortgages Commercial Mortgages Property Development Finance Bridging Short Term Finance Residential Mortgages About Meet the team Our approach Awards Testimonials Careers Contact us 0845 345 6788 Share News Insight Mortgage Trust updates buy to let range 29 10 15 Written by Amy Earl Mortgage Trust has just updated its buy to let offering to include 24 new fixed rate deals all of which come with a free valuation and a 150 application fee The new range consists of two three and five year fixed rates with LTVs up to 80 however as expected the more competitively priced rates come in at 75 LTV John Heron managing director of mortgages at Mortgage Trust said Our research has consistently shown that fixed rate products remain most popular with landlords So our new range includes 24 new fixed rates with a variety of terms and product fees This range of fixed rates is one of our most competitive this year as we continue to develop our offering ensuring we are providing intermediaries with plenty of variety to offer to their landlord clients Visit

    Original URL path: http://mortgagesforbusiness.co.uk/news-insight/2015/october-2015/mortgage-trust-updates-buy-to-let-range/ (2016-02-16)
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