Mortgage Advice from Independent Mortgage Advisor IMS

The beginning of the end for low SVRs?

noreply@blogger.com (IMS independent Mortgage Solutions) — Fri, 04 Nov 2011 09:55:00 +0000

The Bank of Scotland and The Mortgage Business increased their SVR on 1 November from 4.84% to 4.95%, if you are on Variable rate with your lender it may be a good idea to contact me for a mortgage review.

New 1% Cash Back Buy To Let Mortgage Now Available from IMS

noreply@blogger.com (IMS independent Mortgage Solutions) — Thu, 29 Sep 2011 08:56:00 +0000

IMS Independent Mortgage Solutions now have access to a 1% Cash Back deal for Buy To Let Mortgages.

A Buy to Let mortgage brings with it many costs to budget for. With legal fees, management fees plus decorating and furnishing the property there’s a lot to consider. With the 1% Cash Back deal that should give landlords one less thing to worry about, you can even use it to pay your first months mortgage!

Example calculations:

2 year fixed until 31/10/2013, 5.29% (Maximum LTV 70%), £89 Admin Fee, £950 Arrangement Fee, 1% cash back (maximum £2000)

Don’t delay, contact Michelle on 01869 248339 or request a call back now to arrange your new Buy to Let Mortgage!

UK Interest Rates on hold at 0.5%

noreply@blogger.com (IMS independent Mortgage Solutions) — Fri, 09 Sep 2011 16:05:00 +0000

UK interest rates have been held for the 30th month running at 0.5% by the Bank of England's MPC.

Economists had expected rates to remain unchanged due to concerns about the strength of the economic recovery.

This is, of course good news for mortgage borrowers whose monthly finances have benefited. The Bank rate was cut to 0.5% in March 2009, and has remained there ever since. During this time families and individuals with mortgages will have paid £51bn less in monthly interest.

Don't delay to take advantage of these low rates. Contact Michelle to discuss your options today!

New Natwest Fee-Free 90% Mortgage Deal available to IMS Customers (4.99%)

noreply@blogger.com (IMS independent Mortgage Solutions) — Thu, 25 Aug 2011 11:35:00 +0000

NatWest Intermediary Solutions is to launch a two-year fixed rate mortgage up to 90% LTV at 4.99%, with no fee for first-time buyers only.

Available from 24 August, the deal has been reduced by 0.60% and allows that only one of the applicants need be a true first-time buyer.

The corporate range deal comes with £250 cashback and has an early repayment charge of 3% for the deal period.

For purchasers who are not first-time buyers, the 90% deal comes with a rate of 4.99% and a fee of £999.

This deal is now available to IMS Independent Mortgage Solutions customers. Contact Michelle on 01869 248339 to arrange today!

Buying a home in excess of £500k? New large loan mortgage products available via IMS.

noreply@blogger.com (IMS independent Mortgage Solutions) — Fri, 12 Aug 2011 11:48:00 +0000

Independent Mortgage Broker, Michelle Niziol now has access to two new large loan mortgage products via Woolwich. So if you are looking to buy a new home in excess of £500k, we can offer the following great mortgage deals:

• 2 year fixed rate at 2.68% - £1999 application fee - (70% ltv) - for loans from £250k to £2m.

• Offset tracker rate of 2.99% [BBBR+2.49%] - £1499 application fee (70% ltv) - for loans from £200k to £2m.

Contact Michelle Niziol your local Mortgage Advisor on 01869 248339 to discuss your large loan requirements today.

Bank of England Base Rate Held at 0.5% for another month

noreply@blogger.com (IMS independent Mortgage Solutions) — Thu, 04 Aug 2011 16:21:00 +0000

Today the Bank of England voted to maintain it's base rate at 0.5% for the 29th month running. This is continuing good news for borrowers and there are predictions that it will stay that way until at least the end of this year. However, even though this looks like good news for some time to come, the rate can still go up, therefore we encourage our clients to take a long term view and take advantage of the low rates as soon as possible.

Mortgage lenders are also getting competitive, bringing out great deals to attract borrowers in the current climate, with some very low rates on offer. So whether you are looking to benefit from these low rates on a variable rate (and are comfortable with your mortgage payments going up in the future), or you would like to fix your mortgage payments long term, we will help you find the right deal for your needs.

Don't hesitate, contact Michelle today on 01869 248339 to discuss your options!

IMS & Halifax Leading the Way with Large Loans

noreply@blogger.com (IMS independent Mortgage Solutions) — Thu, 28 Jul 2011 09:23:00 +0000

Halifax's competitive fixed rate Large Loan product is 2.99% until 31/10/2013, 60% LTV, £999 Product Fee, ERCs until 31/10/2013, available for loans between £500,000 and £1million.

By using IMS as your Mortgage Broker for large loans, you will have access to:

- Experience: Michelle Niziol and her dedicated team understand the needs of clients with larger loans.

- Specialist support: Michelle has expertise in dealing with complex or unusual cases.

- Dedicated case management: offering an efficient and tailored service for your needs.

- Full product range: including Product Transfer and Further Advance products.

Contact Michelle Niziol on 01869 248339 today to discuss your large loan requirements today.

New 95% Mortgage Available

noreply@blogger.com (IMS independent Mortgage Solutions) — Thu, 28 Jul 2011 09:22:00 +0000

I now have access to a great LTV 95% deal, with fixed rate of 5.99% until 30 November 2013. The arrangement fee is £195 and this product is portable and available for purchases and remortgages. Overpayments are also allowed up to 10% of original loan each year without an early repayment charge. To take advantage of this great deal, then please call me on 01869 248339.

Market leading fixed rate deal only available to brokers

noreply@blogger.com (IMS independent Mortgage Solutions) — Tue, 19 Jul 2011 09:17:00 +0000

On Friday 15th July 2011 Abbey are bringing back the popular market- leading 75% LTV 2 year Fixed rate product. This Limited Offer is available for 7 days only and only available through mortgage brokers, it will bewithdrawn at midnight on Thursday 21st July 2011.The product is a 2 year fixed rate at 2.89% with a £995 arrangement fee available for both purchase and remortgage. If you would like to take advantage of this amazing fixed rate deal then please call me on 01869 248339.

Mortgage Strategy 'Manager of the Month' - May

noreply@blogger.com (IMS independent Mortgage Solutions) — Wed, 22 Jun 2011 13:33:00 +0000

I wanted to say thank you to all of the judges and colleagues who took the time to nominate me. If you want to read my 'Manager of the Month' interview just click the heading link.

WHAT DOES BEING TOP OF THE LEAGUE MEAN TO YOU?
It means a lot because it is recognition for all the hard work I have put in since becoming a mortgage broker seven years ago. I was flattered to even be nominated.

IN YOUR NOMINATION THE JUDGES PRAISED YOU FOR EXPANDING YOUR BUSINESS AND INCREASING TURNOVER. WHAT DO YOU PUT YOUR SUCCESS DOWN TO?
Investing in local and online advertising and focussing on customer service by employing two full-time administration staff, which helps create a huge amount of repeat business.

THE JUDGES ALSO PRAISED YOU FOR SUPPORTING THE LOCAL COMMUNITY. WHAT INSPIRES YOU TO HELP OTHERS IN YOUR SPARE TIME?
Running my own business is time consuming but I wanted to do voluntary work too so I could give something back to my local community. Working as an unpaid finance director for a charity means I can give my expertise to someone who needs it.

To see the whole interview click here MortgageStrategy.co.uk

Bank Of England Base Rate

noreply@blogger.com (IMS independent Mortgage Solutions) — Mon, 09 May 2011 12:58:00 +0000

The Bank of England has again held rates at 0.5% amid signs the economic recovery is failing to gather momentum.

In a widely expected move, the Monetary Policy Committee's (MPC) decision to keep rates at historical lows comes on the back of a spate of downbeat economic data. Today's decision marks the 26th consecutive month rates have remained unchanged.

The Bank also kept its quantitative easing programme at £200bn.

Disappointing GDP growth figures for Q1 - which showed the economy grew just 0.5% after a 0.5% contraction in Q4 - along with negative data coming from the construction, manufacturing and home lending sectors have served to highlight the fragile state of the economy.
This week, the influential Institute of Directors and the British Chambers of Commerce both called on the nine-member MPC to hold rates amid the gloomy backdrop.
Today's MPC gathering marked super-hawk Andrew Sentance's final meeting. His departure could now tilt the balance of power even more towards the committee's doves.
Economists are now pencilling in a rate rise for the end of the year - despite May previously being touted as the turning point when the committee would hike rates.
Today's decision means Bank governor Mervyn King and his fellow doves have again won the day. Earlier this week, King said the nation's high debt levels pose significant economic challenges which would only be heightened by an increase in the base rate.
The governor has also consistently argued high inflation is a temporary phenomenon caused by external factors such as rising global commodity prices. The CPI index of inflation dropped from 4.4% to 4% in March. However, the figure is double the Bank's target and well above OECD area average of 2.7%.
Minutes from the MPC's April meeting revealed the committee was again divided six-three against a rate rise. Whilst six members voted to keep rates at 0.5%, Andrew Sentance favoured a 0.5% hike as Spencer Dale and Martin Weale pressed for a rise of 0.25%.

3rd best loved mortgage broker in the UK

noreply@blogger.com (IMS independent Mortgage Solutions) — Thu, 17 Feb 2011 11:44:00 +0000

A big thank you to all of my lovely clients who voted for me to become the 3rd best loved mortgage broker in the whole of the UK!

Rate hikes 'from May' forecast as BoE inflation report due

noreply@blogger.com (IMS independent Mortgage Solutions) — Wed, 16 Feb 2011 11:04:00 +0000

Rate hikes 'from May' forecast as BoE inflation report due

Mortgage Solutions | 16 Feb 2011 | 09:09

IFAonline

A series of quarter-point interest rate hikes will begin in May, according to analysts examining Bank of England governor Mervyn King's latest obligatory letter to the Chancellor.

In the letter to George Osborne that was triggered by a 4% increase in consumer prices last month, King said inflation was "likely" to return to the Bank's official 2% target on "the assumption the Bank rate increases in line with market expectations".

Analysts interpreted the letter as a declaration rates, which have been held ata record low of 0.5% for almost two years, will rise a number of times in 2011, beginning in May.

The City will be looking for more clues in today's quarterly inflation report as to what will happen to rates over coming months, while the strength of the economic recovery will also be under the spotlight after a shock 0.5% contraction at the end of 2010.
The Bank is due to release its quarterly inflation and growth forecasts at 10.30am, followed by a press conference chaired by King.

Bank Base Rate Held at 0.5%

noreply@blogger.com (IMS independent Mortgage Solutions) — Thu, 10 Feb 2011 14:15:00 +0000

The Bank of England’s Monetary Policy Committee has held base rate at 0.5 per cent for the twenty-third month in a row and has also held its quantitative easing programme at £200bn.

The last time base rate moved was on March 5, 2009, when it was reduced from 1 per cent to 0.5 per cent.

Fixed Rates Rise

noreply@blogger.com (IMS independent Mortgage Solutions) — Tue, 08 Feb 2011 11:56:00 +0000

Fixed mortgage rates hit 6-month high

Mortgage Solutions | 08 Feb 2011 | 11:26

Vicky Hartley

The average cost of a fixed rate mortgage stands at its highest level in six months as lenders pass on rising funding costs to borrowers.

The cost to lenders of raising funding on the swap rate market has soared in recent months. At the end of November, the two-year swap rate stood at 1.35% and today it stands at 1.98%, which is a rise of 47%.

Michelle Slade, spokesperson for Moneyfacts.co.uk, said: "The majority of lenders have increased rates since the start of the year, with some mortgage deals seeing rate rises of more than 0.50%.

"Borrowers who have delayed the decision to commit to a new fixed deal will now find themselves having to pay higher monthly payments," she said.
On a mortgage of £150,000, a 0.50% increase in rate would add £42 per month to a borrower's repayments.
However, the rising fixed rates offer a silver lining to savers because rising swap rates mean lenders would prefer to raise funding in-house, so have increased savings rates to attract higher levels of deposits.
"Any rise in base rate would push mortgage rates higher, so borrowers looking to fix their repayments should act sooner rather than later," said Slade.

Buy to let mortgage at 85%

noreply@blogger.com (IMS independent Mortgage Solutions) — Mon, 07 Feb 2011 15:16:00 +0000

Kensington increases buy-to-let LTV to 85%

Mortgage Solutions | 07 Feb 2011 | 11:21

Kay McLellan

Kensington has launched a range of buy-to-let products up to 85% LTV, with rates starting from 5.24%.

It has also reduced its rental cover requirement from 125% to 120%.

The range will be offered to customers across the board, from first-time landlords, who have a previous mortgage history, to experienced investors. Each case will be manually underwritten.

In addition, Kensington will offer borrowers the option to pay the product fee as a percentage or flat rate.
Deals include a two-year fixed rate at 5.24% up to 75% LTV, with a 2.50% fee, or a rate of 5.74% with flat fee of £1,499.
For 85% LTV, there is a two-year fixed rate mortgage at 5.99%, with a 2.50% fee. In addition, for 80% LTV there is a two-year fixed rate at 5.69% with a 2.50% fee or a rate of 5.99% with a flat rate of £1,499.
These three deals are available to investors with a portfolio of up to three properties already with Kensington. Investors with four to six properties have rates starting from 5.44% at 75% LTV.
New-build properties, including flats, will be allowed up to 65% LTV. This will be restricted to pre-existing new-build properties with a minimum valuation of £120,000.
The maximum loan amount for the range is £350,000.
Charles Morley, head of sales and product development at Kensington, said: "We see buy to let as a great opportunity. Demand for rental property is exceeding supply and it will continue to do so for some time, so the need for buy-to-let products is key.
"The problem for landlords is that, up until now, there have been few products that have really played to those areas of the market where there is demand. This range targets those areas.
"We see this as the year that the market looks at us as the intermediary lender and this range is the first of several big initiatives."
Ben Thompson, managing director at Legal & General Mortgage Club, said: "Kensington has delivered a really eye-catching set of products with this new buy-to-let range, which is good news for landlords and good news for mortgage intermediaries. If lenders continue to show this type of product innovation, 2011 could be a more positive experience for the mortgage market."
Conor Murphy, director with mortgage broker Capricorn Consultancy agreed this is good news for the market.
"I expected to see some higher LTV products this year and the flat fee option attached to the products will make them the most competitive in the market or certainly close to it, depending on loan size."

So, should you take a fixed rate mortgage - or wait?

noreply@blogger.com (IMS independent Mortgage Solutions) — Fri, 04 Feb 2011 06:28:00 +0000

This article by the Daily Mail discusses whether you should remain on a low standard variable rate due to the current extremely low base rate or re-mortgage with a fixed rate in anticipation of interest rates rising?

"Interest rate panic has gripped homeowners who are scrambling to bag a cheap fixed mortgage deal.

High inflation has sent shockwaves through the mortgage market as borrowers fear it could spark a series of rises in the Bank of England base rate.

Mortgage broker London & Country has seen a 40 pc increase in the number of inquiries since last month...."

Buy to let mortgages

noreply@blogger.com (IMS independent Mortgage Solutions) — Wed, 22 Dec 2010 20:40:00 +0000

I have been reading some great articles lately produced by Mortgage Solutions which will be of interest to landlords, here are some of the most important points:

It has been forecast that 2011 gross buy-to-let mortgage lending will rise by up to 15% on 2010 levels, barring any further major economic downturn.

· Buy-to-let lending will be stimulated by continuing strong tenant demand next year, particularly with the proposed changes to social housing, he said, while commercial brokers will have strong opportunities in more complex areas like Houses of Multiple Occupation properties.

· Low levels of activity in the owner-occupier market will also continue to put pressure on the private rented sector.

· Landlords should profit from lower void periods and strengthening yields given rising rental levels and a flat housing market. Buy-to-let mortgage arrears level to be flat to falling as landlords benefit from excellent levels of tenant demand and low borrowing costs, although landlords must be cautious of tenant unemployment and arrears.

· The level of buy-to-let funding is predicted to improve in 2011, as new lenders enter the market.

Bank Of England Base Rate

noreply@blogger.com (IMS independent Mortgage Solutions) — Fri, 10 Dec 2010 06:00:00 +0000

The Bank of England Monetary Policy Committee (MPC) has voted to maintain base rate at its historic low of 0.5% for the 21st consecutive month.

Another satisfied customer

noreply@blogger.com (IMS independent Mortgage Solutions) — Sun, 12 Sep 2010 09:28:00 +0000

"IMS came up trumps for us. Michelle called back when she said she would, chased Companies and kept us in the loop at all times. Michelle also saved us our £10,000 exit fee from Northern Rock. Excellent service and sensible professional advice."

Mr & Dr Barker, Marsh Gibbon

Rates remain at historic low

noreply@blogger.com (IMS independent Mortgage Solutions) — Sun, 12 Sep 2010 09:22:00 +0000

The Bank of England has held interest rates at 0.5%, marking the 18th consecutive month they have been at this historical low.

Low interest rates until 2014

noreply@blogger.com (IMS independent Mortgage Solutions) — Sat, 04 Sep 2010 15:22:00 +0000

A very interesting article issued today from Mortgage Solutions Magazine UK predicts that interest rates will stay at record low 'until 2014' A base rate of 0.5% will begin to look like the 'new normal' with hikes unlikely until 2014, according to a leading economic forecaster. The Ernst & Young Item Club said rates would need to be kept low to counter-balance the Government's spending cuts.