Friday, Aug 21, 2009
Interesting article
Citiwire: Ratewatch: a revival of mortgage fortunes
Big City bonuses are back, and with their return mortgage lenders are again anxious to sign up these wealthy clients, many of whom have for the past couple of years had difficulty in getting loans of more than £500,000.
Posted by smiling @ 03:48 PM (251 views) Add Comment
1 Comment
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1. quiet guy said...
This is certain one for the property bulls but consider this bit:
"Mark Harris of mortgage broker Savills Private Finance says: ‘Lenders don’t want to admit it, but if you are a high earner with a £2 million deposit wanting a £2 million mortgage on a £4 million house, it is probably easier to find a loan than if you want a 90% mortgage on a £200,000 flat.’"
and this:
"Boulger reckons that probably the best deal for a loan of £1 million-plus is from Royal Bank of Scotland, which has a two-year tracker at bank base rate plus 2.99%, giving a current pay rate of 3.49%. Loans of up to 75% of the property’s value are available."
Cheap finance if you can put up a huge amount of equity/deposit and can show good earning potential. That sounds great for rich people in the city but what does it mean for the market as a whole?