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Brexit? Business as usual. There’s no question interest rates are very low, perhaps at a record low. Competition for business is high with lenders keen to lend at a time when the economy in the UK is good and property values increasing. Both trackers and fixed rates are highly competitive and now could be the ideal time to review your mortgage. Even though there has been talk about even lower interest rates increase.

Businessman with a piggy bank, saving money for new house

There has been a lot of press comment over the last few months about the availability of mortgages
for older people and a few lenders have recently announced that they are receptive to considering
mortgages for the older age group. Notably, Nationwide have now announced that they will now
consider longer repayment periods lasting up to age of 85. (see the article by Key Retirement later in this
newsletter)

With house prices continuing to increase and the difficulty facing first time buyers and movers
raising sufficient deposit, one of the major lenders has launched a mortgage that could help. Called
the Family Springboard mortgage, there is no requirement for a borrower deposit as long as a
member of the family or loved ones can provide 10% of the property’s price as security. It works
very simply. The deposit is invested for 3 years and then is returned with interest subject to the
mortgage payment is kept up. The borrower is offered a fixed rate for the 3 years and then a Life
Time Tracker.

First Time Buyer

Remortgage

Moving House

Low Deposit

Buy to Let

Shared Ownership

Self Employed

Life Insurance

Critical Illness Cover

Income Protection

Home Insurance

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