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First-time Buyers Offered Hope With New Mortgage Deal

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http://www.timesonline.co.uk/tol/money/pro...icle6457271.ece

The mortgage market has been boosted by competitive new deals from two lenders aimed at borrowers with only a small deposit or equity stake in their home.

Britannia, which recently merged with the Co-Operative Bank, has announced new home loans available up to 90 per cent of a property's value. From tomorrow it will offer a two-year fixed up to 90 per cent loan-to-value (LTV) with an interest rate of 5.09 per cent and a fee of £599. It is also offering a three-year fixed-rate deal with a rate of 5.59 per cent.

Mortgage deals which only require a small deposit are seen as vital to helping first-time buyers on to the property ladder and reviving the housing market. There are only six deals for first-time buyers available up to 95 per cent LTV with rates typically above 6.5 per cent.

So there you have it. 90 and 95% LTV are back.

This is quite a move from the 60 to 80% LTV in the last months.

These measures will certainly boost the housing market.

Very good news. :)

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http://www.timesonline.co.uk/tol/money/pro...icle6457271.ece

So there you have it. 90 and 95% LTV are back.

This is quite a move from the 60 to 80% LTV in the last months.

These measures will certainly boost the housing market.

Very good news. :)

95% for existing customers, but only for existing customers that had 20% equity this time last year. 90% 2 year fix at 5.09% £599 fee. Bargainest goldmine ever! :lol:

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http://www.timesonline.co.uk/tol/money/pro...icle6457271.ece

So there you have it. 90 and 95% LTV are back.

This is quite a move from the 60 to 80% LTV in the last months.

These measures will certainly boost the housing market.

Very good news. :)

Very good news indeed. As predicted, LTV's increasing as QE liquidity flows into the markets and competition returns. And with a semi-attractive rate and fee as well. 5.09% on a two year fix is equivalent to a large chunk of 2007 lending prices.

Long way to go yet, but absolutely a solid green shoot.

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course, these same lenders are being accused of undervaluing prospects.

and then up to 90% if what they think

not necessarily 90% of what a seller thinks.

go on, persuade me 8 times salary and a two year fix is a good thing for a young family.

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I'm only posting so that Bruce Banner can claim he saw all the bulls on the same topic within half an hour of each other.

Still good news nonetheless. :)

Edited by Rinoa

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Guest absolutezero
course, these same lenders are being accused of undervaluing prospects.

and then up to 90% if what they think

not necessarily 90% of what a seller thinks.

go on, persuade me 8 times salary and a two year fix is a good thing for a young family.

A 2 year fix at historic interest rate lows at that!

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http://www.timesonline.co.uk/tol/money/pro...icle6457271.ece

So there you have it. 90 and 95% LTV are back.

This is quite a move from the 60 to 80% LTV in the last months.

These measures will certainly boost the housing market.

Very good news. :)

the brown bounce (get that image in your head)

yep another 5 years of Brown should sort this country out once and for all

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article is a bit confusing

is it saying that Nwide 95% deal is for existingg borrowers only? - if so it's not news, as Nwide have been running these deals for more than 6 months

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http://www.timesonline.co.uk/tol/money/pro...icle6457271.ece

So there you have it. 90 and 95% LTV are back.

This is quite a move from the 60 to 80% LTV in the last months.

These measures will certainly boost the housing market.

Very good news. :)

Rest of article:

...brokers have warned that the historically low interest rates for cash-rich borrowers are set to climb, prompting calls for homeowners to lock into a fixed-rate mortgage deal soon.

HSBC, Britain’s biggest bank, Chelsea and West Bromwich building societies have hiked interest rates on their most competitive five-year and ten-year deals over the last three days.

The lenders have blamed a sharp rise in the cost of wholesale funding on moneymarkets. Five year-swaps, which dictate the cost of fixed-rate mortgages, have risen from 3.25 per cent to 3.49 per cent in the last fortnight.

Chelsea was forced to raise the rate on its new five-year fix only three days after it was launched. It is increasing the rate from 4.34 per cent to 4.5 per cent on Saturday. The deal is only available up to 65 per cent LTV with a fee of £995.

HSBC pulled its five-year fix with a rate of 4.39 per cent today, replacing it with a 4.99 per cent deal.

The cost of borrowing is going up, how is that good?

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The cost of borrowing is going up, how is that good?

Its only going to get worse as too much QE or QE-less UK gets ragged by the bond markets.

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Very good news indeed. As predicted, LTV's increasing as QE liquidity flows into the markets and competition returns. And with a semi-attractive rate and fee as well. 5.09% on a two year fix is equivalent to a large chunk of 2007 lending prices.

Long way to go yet, but absolutely a solid green shoot.

A solid green shoot? Unfortunately only visible with microscope. :lol:

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RICS report is out tomorrow ~ and is under embargo until then.

However, that august publication, the Plymouth Herald, has inadvertantly let some of the details slip out early. Although sadly not the most important one. Still, here's a taster of Tuesday's HPC headlines.

Bears ~ best not to look. :P

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RICS report is out tomorrow ~ and is under embargo until then.

However, that august publication, the Plymouth Herald, has inadvertantly let some of the details slip out early. Although sadly not the most important one. Still, here's a taster of Tuesday's HPC headlines.

Bears ~ best not to look. :P

Dick, its from an EA.

However, there is still a shortage of properties coming onto the market, according to Roger Punch of estate agent Stags, in Plymouth, and RICS South West spokesperson.

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Rest of article:

The cost of borrowing is going up, how is that good?

In a collapsing property market good news and green shoots are limited only by the imagination of the deluded VI.

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I'm only posting so that Bruce Banner can claim he saw all the bulls on the same topic within half an hour of each other.

Quick! Where's sibley?

Glad this crash has taught me something. Instead of investing my £100k cash plus similar annual income in a property, I can get myself an annual tax rebate and build up a tax-free income. In my first year on the new strategy I got just over £24k in rebate, this tax-year it'll be more. All done by giving up on the idea that all my savings have to go towards a house deposit.

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Dick, its from an EA.

However, there is still a shortage of properties coming onto the market, according to Roger Punch of estate agent Stags, in Plymouth, and RICS South West spokesperson.

:lol:

Shortage of properties?

Nah, that can't be right, cos 2 weeks ago you told us Rightmove had 1,000,000 properties for sale.

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In a collapsing property market good news and green shoots are limited only by the imagination of the deluded VI.

Collapsing was last year's news.

This year, prices are stabilized and are creeping up. Unless you are deluding yourself. :P

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Collapsing was last year's news.

This year, prices are stabilized and are creeping up. Unless you are deluding yourself. :P

x4kcis.jpg

Oh the irony :rolleyes:

Edited by Eiji

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Dick, its from an EA.

However, there is still a shortage of properties coming onto the market, according to Roger Punch of estate agent Stags, in Plymouth, and RICS South West spokesperson.

Brother lives and works just outside Plymouth. Housing market is ******ed even more so now the Navy have announced their plans to move all Subs to Scotland and Frigates/Destroyers to Portsmouth. Leaves Devonport ( Plymouths largest employer) with a lot of employers with little work to do. Major fear of large job losses.

Princess Yachts have just cut another 300 job losses.

And the idiot EA thinks that House prices and on the upward trajectory.

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:lol:

Shortage of properties?

Nah, that can't be right, cos 2 weeks ago you told us Rightmove had 1,000,000 properties for sale.

indeed they do...the quote is from the article you said would upset a bear or two.

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RICS report is out tomorrow ~ and is under embargo until then.

However, that august publication, the Plymouth Herald, has inadvertantly let some of the details slip out early. Although sadly not the most important one. Still, here's a taster of Tuesday's HPC headlines.

Bears ~ best not to look. :P

Plymouth is an interesting case. In the city, the economics of BTL still appear strong, with very low sale prices but much higher rents, compared to surrounding areas. Since house prices in the city are still falling fast (according to this month's land registry figures), I expect that could lead to a big rental oversupply in the not-too-distant future.

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I will repeat again, the cost of borrowing is going up, how is that good?

These are historically low rates and being able to fix at these rates is not a bad deal.

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indeed they do...the quote is from the article you said would upset a bear or two.

Yes, I do know there is a shortage.

I was merely trying to score cheap debating points by pointing out your insistence from 2 weeks ago that the opposite was the case.

Good to hear that demand is up and supply is down. :)

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