A Quick Market Update…
08th April 2013
There was an interesting report last week that Building societies are now dominating best buy tables with 83 per cent of the most competitively priced products being offered by them rather than the larger lenders.
This is important as Building Societies also tend to operate on the old fashioned principles of understanding the customer and service, unlike the tickbox, factory style approach of many of the larger lenders. Now they have become more competitive once more, this gives consumers some real choice.
Also, pleasing was another report by the Bank of England that “credit availability” for borrowers looking for loans above 75% Loan To Value has increased recently. In other words, it is now easier for buyers with smaller deposits to borrow and there is more choice available.
This is all good news for the property market and we have also had a number of “off-the-record” conversations with lenders who want to target London borrowers as a means of getting more business through the doors. So watch this space to see how this unfolds.
This is Bow, he’s a plucky little Boston Terrier and knows a thing about mortgage applications. His owner, Patrick, is one of our clients and Bow here helps with his paperwork. If there’s anything you need to know about mortgage applications or the paperwork entailed then check out our advice hub – it has everything you need!View the mortgage guides
Andrew Montlake, Director and Spokesperson for Coreco, gives his honest and forthright views on the mortgage market, economy and all things property related. Monty was voted "Mortgage Personality of the year 2008", "Best Press Spokesperson" in 2011 and is the current holder of the British Mortgage Awards “Best Marketeer” title. Expect expert analysis, delivered in a down to earth style with a side helping of exuberance.