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We have had an increase recently in enquiries regarding military mortgages. If you work for the armed forces, the good news is that lenders are finally beginning to understand your situation when it comes to property.
Because of the amount of time spent on service overseas, lenders can be dismissive of the needs of the military. One Army member expressed the problem this way:
I recently wanted to remortgage my family home but was frustrated to find that, because I am presently letting it due to service overseas, that most mortgage lenders would only offer buy-to-let products, which incur far inferior terms (rate and LTV).
I argued that it was my main family home and as only my military service compelled me to let it for a short period, I should qualify for residential terms.
Lenders are beginning to get it, however. We have found a number of lenders that allow armed forces personnel who are posted overseas on operational duties to rent out their property, or remortgage it, without change or having to switch to a buy-to-let mortgage.
It is also apparent that these very same lenders also accept deposits via the Long Service Advance of Pay scheme – a long-established MoD scheme under which the government provides a loan for the deposit on a property.
If you are in a similar situation and would like to know which lenders can help you, give Limetree a call.
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The latest investment report from Prospect Wealth Management
In summary:
- European Central Bank acts as lender of last resort to European banks, calming bond markets.
- UK Gilt prices hit new highs as UK is seen as one of the few safe havens – for now.
- US economy continues to show signs of improving growth, underpinning global stock market.
Download the full Investment Prospects December 2011
Prospect Wealth Management brings the highest standards of professional investment management to the individual investor, charities and trusts.
We wish all our readers a Happy New Year.
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This month sees the Chinese new year arrive: the year of the dragon. What can we expect? What will the year bring?
Is it all about the London Olympics and Wimbledon in the summer for the feel-good factor?
Or about continued low interest rates? Will the Eurozone stabilise? Will there be a double dip global recession?
Who really knows? At Limetree, whatever the market brings to us in 2012, we are ready, willing and able to achieve the high standards of advice and service we offered last year!
If you are a first-time buyer or mover, or are looking to remortgage, we aim to help as much as we can. Why not start the year by giving us a call?
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Where will standard variable rates move next? Up? Down? It is impossible to tell.
It was good news for customers on Norwich and Peterborough’s standard variable rate recently. The rate dropped 0.5% to 4.95%, the same standard variable rate as Norwich and Peterborough’s new owner Yorkshire Building Society.
On the other hand, it was bad news for Bank of Scotland and the The Mortgage Business customers. These lenders, both part of the Lloyds banking group, increased their standard variable rates by 0.11% to 4.95%.
Standard variable rates (SVR) differ considerably from lender to lender. They are usually set by the board of directors and can be varied at any time. We find that many of our clients have remained on the standard variable rate as there are usually no redemption penalties, leaving them flexible to have options.
But is it time to change?
Many fixed rate and standard rates are now below standard variable rates. Some lenders are offering no redemption penalties, as well as free valuation and legal services. If the difference between the rates is enough, it might not take long to save money, even taking the arrangement fee into account.
Contact us to see if it is worth changing. And from all of us at Limetree – hope you’re having a happy Christmas!
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Last week my colleague Andrew Beer tried to raise some Christmas cheer for first-time buyers. Although deposits for house prices are high, we are seeing a shift in the loan-to-value percentage that lenders are prepared to offer.
While first-time buyers are working hard to raise the money up front, lenders are beginning to offer higher proportions of the property value as a loan. The more you can borrow, the less deposit you need.
True, many of these higher LTV mortgages come with restrictions. But the picture is definitely improving. Rates on these products are getting more competitive too.
Woolwich is a good example. It has recently extended its range of fixed-rate mortgages to 90% loan-to-value. This still leaves a buyer needing to find 10% deposit. But if that can be done, the 3-year fixed mortgage comes with a rate of 4.99%. What’s more, there are no fees to set it up.
As for restrictions, Woolwich set a minimum loan amount of £50,000 and a maximum of £500,000.
Products like this are not just important for first-time buyers. We are convinced at Limetree that improving the first-time buyer market is key to getting the whole property market active again. Woolwich’s latest move is a positive one.
I hope that this brings a bit of festive cheer not only to first-time buyers but also to everyone hoping that the mortgage market improves for them. If you need any advice, or to find the best mortgage deal for you, get in touch with Limetree.
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