Finally there has been a period of steadiness in the lifetime mortgage market, which at least allows us to take stock of where the market leaders are positioned. New business levels, as many will be aware, have been disappointing in the first half of the year.But interest rates appear to be at their lowest. Certainly existing providers are stating that they do not have the room to manoeuvre any lower than where they are now. The rate war appears to be over for the time being, which makes it easier for advisers to stay on top of what is happening. To date there is still not one place where up-to-date data can be obtained on all lenders on a daily basis. The rate differences between drawdown and fixed single advance are still a matter of much debate. Depending on when funds are drawn the cost difference for drawdown can still be higher. Prudential goes live in a couple of weeks which will provide the only open-ended drawdown option available at an initial annualised rate of 6.64% making it the lowest drawdown rate available at this time. The final part of the rate battle may come in the form of Just Retirement. It is about to launch into the market with what is believed to be an offering of a fixed rate and a drawdown product. Just has made it clear it wants to attack this market head-on and capture a sizeable share. The good news for advisers is that it is also keen to help them into this market and will be hosting roadshows over the coming weeks to show its support for the equity release market.
Jeff Scott is head of intermediary mortgages marketing and specialist lending at Abbey Online technology has been the catalyst for a great deal of change in the industry over the past five years. With more and more services being offered online, it is clear the internet has changed the way lenders, intermediaries and their clients […]
Mortgage Times and The Mortgage Business have launched a product to make it easier to obtain a buy-to-let mortgage.The self-cert house to house tracker has a pay rate of 4.99% and a reversionary rate of 1.79% above the Bank base rate.Richard Stokes, head of product development at Mortgage Times, says: This product is ideal for […]
Regulation by the Financial Services Authority has resulted in a zero contribution to a sustainable housing market, and if anything has worked against it, says Halifax. Speaking in Monte Carlo, Alan Cleary, director of Halifax Intermediaries, told delegates that individual government policies could only be seen as successful if judged in their own terms. Indeed, […]
Britannia is launching a new two-year fixed rate mortgage on October 28, offering a rate of 4.29% up to 95% LTV which is a drop of 20 basis points as the previous rate was 4.49%.The initial rate on Britannias two-year discount tracker will also drop on Friday October 28, to 4.35%. The product will track […]
It can be difficult for employees to control their spending habits, in fact they may not realise that they have bad habits at all.
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