2016 saw competition between mortgage lenders grow fiercer, bolstered further by new lenders joining the market. For consumers this has been good news; competition has created not only a downward pressure on mortgage interest rates1, but also a broader range of criteria, both private and high street banks, are willing to lend on, such as age, income, assets and repayment methods.
After the turbulence created by the MCD (Mortgage Credit Directive)2, brought in in 2016, and the MMR changes (Mortgage Market Review) of 20143, the dust is beginning to settle in the residential mortgage market.
With lender criteria opening up somewhat 4, there are some attractive opportunities for those who do not meet the more traditional criteria, in particular for older borrowers and those with a limited income but a strong equity position.
Matthew Hillyer, Mortgage Manager at Largemorgageloans.com, comments that "There are a lot more options for older borrowers, with many institutions now happy to lend to borrowers up to 85 years old, some even older, on standard mortgage terms. So don't assume that you are unable to have a mortgage because you have hit a certain age."
A broadening in lenders’ criteria has also created opportunity for those without a regular income, but who have equity and assets; factors that are often overlooked by lenders. "For those looking for a mortgage, or remortgage on a residential property, lenders are coming up with innovative solutions. This gives borrowers who do not receive a regular income the chance to buy a home or make property investments they would not be able to make otherwise".
With this in mind, and given the historically low interest rates available, now is a good time to review your mortgage requirements. In light of ever increasing complexity in mortgage lending, it is more important than ever to seek professional advice to help you find a deal best suited to your requirements at the most competitive rate.
At Largemortgageloans.com we specialise in arranging large and complex mortgages for clients with a range of different borrowing requirements and circumstances. We can often place mortgages where others may be unable to.
If you would like to review your current mortgage, remortgage or arrange a new mortgage, we are here to talk through your options with you. Call us on 020 7519 4985 or send us an email.
Some of this month's top interest rates are listed above; the actual rate will depend on your circumstances. Please note that this information does not contain all the details you need to choose a mortgage, ask one of our advisers for a personalised key facts illustration on 020 7519 4900. The rate displayed may become out of date at short notice.
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YOUR HOME OR PROPERTY MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON A MORTGAGE OR ANY OTHER DEBT SECURED ON IT
Changes in the exchange rate may increase the sterling equivalent of your debt
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A typical fee of 1.17% of the mortgage amount is payable. Of this, 20% is payable on application and the balance of 80% on completion. For example on a mortgage application of £300,000 the fee would be £3,510 in total. Of this, £702 (20%) would be payable on application and the balance of £2,808 (80%) on completion. The total fee is non refundable. We may also be paid commission from the lender. The guidance and/or advice contained within the website is subject to the UK regulatory regime and is therefore primarily targeted at customers in the UK. Calls may be recorded for training and monitoring.
You may have to pay an early repayment charge to your existing lender if you remortgage.
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