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whichmortgage · 4 years

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LTV restrictions dominate broker criteria searches

Covid-19 maximum loan-to-value restrictions was the most searched-for criteria by brokers in both the residential and buy-to-let sector in May, according to Knowledge Bank’s latest tracker. In the residential market “Covid-19: furloughed workers” was the second most popular search term as brokers grappled with lenders’ changes to affordability rules. Second charge brokers also focussed their searches on maximum LTVs and temporary restrictions to LTVs as a result of Covid. In the equity release market each of the top five broker searches changed between April and May illustrating the wide range of borrowers considering later life mortgages. Top equity release searches included: “married couple application in single name”, “flat roofs” and ‘lodger/boarder/rent a room”. Knowledge Bank lender relationship manager Matthew Corker says: “The market is clearly going through a seismic change, with both lenders’ criteria and borrowers’ circumstances undergoing rapid shifts. “As the ‘new normal’ begins to take shape, brokers are going to need to have their wits about them – and make use of all the tools they have available – to keep pace with the changes, and continue to provide their clients with the best possible service.” Tenet Group is to provide its network members and directly-authorised clients with access to Knowledge Bank’s mortgage criteria search system. Knowledge Bank holds more than 100,000 criteria from over 200 lenders enabling brokers to search criteria across the residential, buy-to-let, equity release, self-build, second charges, bridging, commercial and overseas mortgage markets. Knowledge Bank chief executive Searches for ‘Covid-10: temporary maximum LTV restrictions’ topped four mortgage categories in April, shows new data from Knowledge Bank. The search string was number one for residential, buy-to-let, second charge and bridging. Within the residential category, ‘Internal/AVM/desktop valuations’ came second, followed by ‘Covid-10: furloughed workers.’ In BTL, the second position was also based around valuations, Users of Iress’ Xplan Mortgage software are now able to check mortgage product criteria using Knowledge Bank. Since the coronavirus issue took hold in the UK along with the various announcements regarding payment holidays, there have been 4,000 criteria changes, and before this, 9,200 in Q1 2020. “It is clearly impossible for anyone to keep Broker searches for the minimum age at which lenders would allow equity release surged in February, hinting at demand from younger clients. While typically the minimum eligible age for equity release is 55, applied to the youngest application for joint equity release mortgages, this can vary from lender to lender so is often higher. The This guide from Johnson Fleming will take you through the required communication and also give ideas for additional actions that will ensure your auto-enrolment project is a success. The topics in this guide include: the letters you need to send out; what to send and when; the importance of employee engagement; and what to consider as additional communication. More than ever we must display a united front in promoting our industry and helping both colleagues and clients through these difficult times UK Finance says that it expects households to continue snapping up fixed-rate mortgage products despite the dramatic cuts in the Bank of England base rate. The conclusion comes from the trade body’s quarterly household finance review and has been made because of the fact that lenders have committed to continue to offer product transfers to Paradigm Mortgage Services members in England and Wales will now have access to Ipswich Building Society’s products as the lender has lifted its postcode restrictions. From today, Paradigm member firms will be able to register with the Ipswich via its website and begin submitting business within 24 hours and use Ipswich’s intermediary portal for residential, Via mortgagestrategy.co.uk Find The Latest Skipton Mortgage Rates here Read the full article

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trustedmortgagebrokers · 6 years

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Skipton enters shared ownership mortgage market

Skipton Building Society is now offering shared ownership mortgages via an intermediary semi-exclusive product in partnership with three of its key …

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The post Skipton enters shared ownership <b>mortgage</b> market appeared first on Trusted Mortgage Brokers - Find A Local Mortgage Adviser Today.

from Trusted Mortgage Brokers – Find A Local Mortgage Adviser Today https://www.trustedmortgagebrokers.co.uk/skipton-enters-shared-ownership-mortgage-market/

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jackpwrightuk · 7 years

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Downsides to long-term mortgage fixes

Clients who are interested in fixing for the long-term to counteract potential rate rises should be aware of possible downsides to signing on that dotted line.

Potential issues include the lack of flexibility should a client’s situation change and they need to move or downsize, the risk rates might go even lower, locking them in at a higher rate than would be offered elsewhere, and the early repayment charge (ERC).

“Situations change”, says Adrian Anderson, director of broker Anderson Harris, “and trying to envisage what is going to happen to you over the next 10 years is hard.”

John Eastgate, sales and marketing director for OneSavings Bank, agrees. “Committing to a long-term fixed-rate deal can be an issue if your circumstances were to change.

“For example, if you took out a 10-year fixed rate, a lot can happen in that time. You could move jobs, have a family or separate from your partner.”

Flexibility

According to Mr Eastgate, clients should be well advised of the potential lack of flexibility with long-term fixed rate mortgages. While some people might not intend to move – perhaps their children are in a good school in the area and there is plenty of room – and therefore a seven or a 10-year fix would be sensible, life rarely follows a linear path.

While long-term fixes could be a great option for both certainty and security, they are not always flexible.

Jeremy Duncombe

He says: “If you need to move home or borrow more money during the fixed term, you may find your options reduced.

“There is no guarantee your lender will agree another mortgage with you as either your circumstances or their criteria may have changed. Even if they can lend, their products may not be the most competitive in the market.”

And “borrowers often don’t like the thought of tying themselves into a product for too long without having to pay a penalty”, says Paul Darwin, director of intermediary relationships for Skipton Building Society.

For Andrew Montlake, director of London-based Coreco, this lack of flexibility with long-term fixes is nothing new. He explains: “The downsides are the same as they have always been, and relate to the tie-ins applicable to such products.

“It is all about getting the right advice and, for those people who need more flexibility or maybe want to sell or move in the next two to three years, then a longer-term fix may not be the best advice.”

Jeremy Duncombe, currently director of the Legal & General Mortgage Club, comments: “While long-term fixes could be a great option for both certainty and security, they are not always flexible.

“Borrowers whose circumstances have changed or are likely to change, perhaps the result of a divorce or a need to relocate because of work, might find these types of mortgages can be particularly restrictive and can carry heavy ERCs”.

This mortgage news is not the copyright of Trusted Mortgage Brokers – please click here to see the original source of this article. Author:

For the latest mortgage and remortgage news please check out https://www.trustedmortgagebrokers.co.uk/latest-mortgage-news/

Looking for a great mortgage or remortgage deal ? then contact a local mortgage broker in your area today at https://www.trustedmortgagebrokers.co.uk/

We’re also on: https://www.facebook.com/trustedmortgagebrokers https://twitter.com/trustedbrokers https://plus.google.com/114634525940403162124

The post Downsides to long-term <b>mortgage</b> fixes appeared first on Trusted Mortgage Brokers - Find A Local Mortgage Adviser Today.

from https://www.trustedmortgagebrokers.co.uk/downsides-to-long-term-mortgage-fixes/

from Trusted Mortgages Brokers - Blog http://trustedmortgagebrokers.weebly.com/blog/downsides-to-long-term-mortgage-fixes

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