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Thursday, 11 July 2013

Abbey to launch fee-free high LTV products

Abbey for Intermediaries is to launch a pair of fee-free mortgages targeted at first-time buyers and those with a small deposit.
The lender, which yesterday announced it was to rebrand its broker channel as Santander for Intermediaries from next week, will launch the new products tomorrow, on Friday 12 July.
A two-year fix for first-time buyers will be available at 4.49% up to 90% LTV while a separate two-year fix will be offered at 3.79% up to 85% LTV to all homebuyers and remortgagers.
Miguel Sard (pictured), managing director of Abbey for Intermediaries, said the lender was eager to offer fee-free options to borrowers.


Tuesday, 2 July 2013

Interest rate rise of 2% could cause 'significant distress' - BoE

Mortgage borrowers could struggle with monthly repayments if interest rates rose by as little as 2%, a Bank of England report has warned.

It continued: “One indication is that households accounting for 9% of mortgage debt would need to take some kind of action — such as cut essential spending, earn more income (for example, by working longer hours), or change mortgage — in order to afford their debt payments if interest rates were to rise by just one percentage point.


Monday, 1 July 2013

Second-time buyers held back by negative equity, says Post Office

According to research from Post Office’s Step-Up report, 28% of second-time buyers are unable to progress on the property ladder due to negative equity.
Costs involved in moving have also meant nearly one in three (30%) of all prospective second-time buyers are having difficulty in climbing the property ladder. House hunters looking for their second home estimate they need an average of £7,279 to cover costs such as stamp duty and solicitor’s fees alone. This rises to £12,313 for those living in London.