Weekly Mortgage Market Update – 24 May 2010

Limetree Financial Services Limited

Weekly Mortgage Market Update – 24 May 2010

Cheltenham & Gloucester has launched a two-year tracker at 0.01% below the Bank of England base rate, available at 85% and 90% LTV which results in an incredible initial rate of just 0.49%.  However, this rate only lasts until December 31 2010, at which point it jumps to base rate plus 5.49% until July 31 2012 (an increased rate of 5.99% currently).  This kind of product may be of assistance to help First Time Buyers in getting onto the property ladder but they do need to budget for the uplift.

From tomorrow, Nationwide will reduce selected rates on its five-year fixed rate mortgages.  The reductions range between 0.10% and 0.31%, with the average cut being 0.23%.  For those remortgaging rates are reducing across all tiers up to 75% LTV.  Five-year fixed rate are being reduced by 0.26% available from 4.88% (up to 70% LTV), new customers can borrow up to 85% LTV.

Two lenders have come to market for buy-to-let offerings, Aldermore and Precise mortgages,  who are offering mortgages only via the broker market.  So another good reason to talk to us if you are considering re-financing your investment portfolio.

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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