Building Societies Are Back – Weekly Mortgage Update
01st August 2011
So here we are in August, already, time really does fly when you are having fun!
The good news from across the pond is that a deal has finally been done in the US to avert a crises, that, let’s be frank, would have been a disaster to everyone. Although the “right wing nutters” from the Tea Party could still do some damage the markets seem to have been calmed – for now.
Here in dear old Blighty things have been relatively boring this weekend compared to previous weeks which is somewhat of a relief. Lenders are still improving rates and we are now seeing a welcome return to the fray of the oft-forgotten regional Building Societies.
Their return is most welcome and shows that things really are looking up as the likes of Newcastle, Leeds, Nottingham and the rather brilliant Saffron Walden offer some inventive products.
Of course these Societies have not actually gone anywhere, but it is noticable that suddenly we are seeing alot higher profile in lending terms from them, joining the likes of Skipton, the lovely Coventry and naturally the fabulous Nationwide amongst others.
In any healthy mortgage market we need a strong showing from both banks and building societies so this is all very pleasing and bodes well for the future.
Meanwhile, jaws dropped when Chelsea Building Society, (although now owned by Yorkshire) announced their latest 5 year fix at just 3.39% – that’s crazy money!
As today is apparently “Yorkshire day” that seems very apt.
Eh up & have a great week.
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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.