Weekly Mortgage Market Update – 22 February 2010

Limetree Financial Services Limited

Weekly Mortgage Market Update – 22 February 2010

Towergate Financial, the financial advisory business of the Towergate Partnership, announced this week the acquisition of John Charcol, who used to be one of the largest mortgage advisory business, from the administrator.  John Charcol pulled out of Cambridge some time ago and have not being have a very successful time of late, culminating in them ending up in administration.

Skipton Building Society have announced their merger/takeover of the Chesham Building society.  This is not going to change the finance world as the Chesham only have three branches, but this does mean the loss of another small local lender.

A number of lenders are offering ‘drop and lock’ products whereby a variable or tracker rate is taken out with the facility to swap at a later date to a fixed rate without incurring another larger remortgage fee.  However, clients need to be aware that if rates go up the fixed rate on offer at that time will NOT be as competitive as they are today.

Andrew Fowler worked for Limetree Financial Services until December 2010. Feel free to contact another member of our team for help or advice.

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