Monty’s Mortgage Blog

Category Archives: Interest Only Mortgages

HSBC – Stop It, My Sides Hurt…

By Andrew Montlake | Published: 18.10.11

Apparently, and, (said in the style of Theresa May), I am not making this up, HSBC have said that “HSBC accepts around nine in 10 of all customers who apply for a mortgage with the bank”.

Ha ha ha ha ha ha ha ha ha ha ha ha ha ha, (stop it, ha, my, ha, sides hurt, ha).

Actually maybe that’s a little disingenuous, as to be fair at least they are giving the impression of supporting the average mortgage borrower and their rates have been consistently attractive. However, in making this comment whilst trying to put the proverbial boot in to mortgage brokers who they clearly see as an irritant, (who needs independent advice pah, advice is for wimps), they are opening themselves up to closer inspection.

Read the full post
Also posted in Best Mortgage Rates, Coreco, First Time Buyers, Independent Mortgage Advice, Large Mortgage Loans, Mortgage Blog, Mortgage Brokers in London, Professional Mortgage Brokers | Tagged , , , , , , | Leave a comment

The Mortgage Myth

By Andrew Montlake | Published: 04.07.11

If you believe everything you read in the papers you would be forgiven for thinking that there is not much point in applying for a mortgage at the moment because it is all too difficult. Banks aren’t lending and those that are want blood samples and a charge over your children in order to even think about giving you a few quid.

The good news is that this is actually a myth. There is no mortgage shortage and lenders actually have begun to compete for your business. How else can you explain the new trend of 7 day sales from certain lenders who are offering tracker rates from as low as just 1.99%, (4.0% APR)?

Read the full post
Also posted in Best Fixed Rates, Best Mortgage Rates, Coreco, Independent Mortgage Advice, Large Mortgage Loans, Mortgage Brokers in London, Mortgage Market, Remortgage | Tagged , , , , , , , | Leave a comment

Shapps The Saviour of The Housing Market?

By Andrew Montlake | Published: 12.01.11

This morning my 4 am alarm call pervaded my fitful slumbers to remind me that something was happening today that could potentially be rather important. As I travelled to the BBC for the second time in a week, this time for BBC Radio 5 Live’s Wake Up To Money, I reflected on the subject in hand – today’s meeting between Grant Shapps, Housing Minister and Hector Sants, Chief Executive of the FSA.

The discussion was of course the much publicised Mortgage Market Review, (MMR) which in many people’s eyes threatens to derail any hope of recovery in the housing market and has certainly at least got Mr Shapps all fired up and even the Prime Minister himself concerned about the economic effects of the proposed regulation.

Read the full post
Also posted in Coreco, Economic Recovery, FSA, First Time Buyers, House Prices, Large Mortgage Loans, MMR, Mortgage Brokers in London, Mortgage Market Review | Tagged , , , , , , , | Leave a comment

The End Of Interest Only?

By Andrew Montlake | Published: 19.05.10

One of the biggest changes in the Mortgage Market occurred a few days ago when the massive Lloyds Banking Group announced that they will no longer provide loans on an interest only basis above £500,000.

Given that it is the very customer base who most want to use interest only this is quite a big deal.

They have also gone further with loans below £500,000 in that applicants can no longer just say they will pay the loan off via the sale of the property, their buy-to-let portfolio or general bonus payments, but must have either a pension or some kind of savings plan. Is the return of the Endowment nigh?

Read the full post
Also posted in Independent Mortgage Advice, Mortgage Lenders | Tagged , , | Leave a comment