Mortgage lenders have been working hard to get to grips with the current pandemic. There has been a lot of positive movement in the mortgage market that we want to share with you.
- Loan to value limits are now starting to increase again meaning lenders are now lending more money based on the value of your property. This is great news for anybody looking to borrow some extra money on their mortgage, remortgage their property as their rate is coming to an end within the next 6 months, or looking to buy a house with a smaller deposit.
- Automated valuations are now becoming easier. This is where a valuation is completed from the computer rather then having to visit the property. This is pushing applications through a lot quicker. Not only are these being completed more frequently but they are also being carried out on higher loan to value mortgages.
- More Buy to Let products are now coming back to the market. This is great for any landlords looking to increase their property portfolio or anyone needing to remortgage their Buy to Let property.
- Interest rates are still low. This means your monthly payments may be reduced and you may not pay as much back in interest to your lender.
Please contact us if you are wanting to review your existing mortgage, purchase a new property or looking to borrow some extra money on your mortgage. We are still working from home completing meetings over the phone or through systems such as Teams, Skype, Whatsapp or Zoom. Call us on 01485 541998 or email info@allentomasfinancial.co.uk