Lending Archives - Beverley Property Guide

Post Office Cut Mortgage Rates

Mar 232010

The Post Office has announced rate cuts to its full range of fixed rate mortgages, with immediate effect, reflecting its ongoing ambition to become a leading player in the mortgage market. This includes a cut of one per cent to its five year 80% loan to value mortgage (LTV).

Following cuts to the range at the end of January and February, the Post Office has further reduced the rates on all of its two, three and five year fixed rate deals at 60%, 75% and 80% LTV. There have also been cuts to the three and five year fixed rate buy to let deals at 75% LTV as well as the launch of a new three year and five year fixed rate buy to let mortgages at 60% LTV.

Many of the new rates available will immediately become some of the most competitive in the market such as:

* 2 year fixed rate at 4.15% (80% LTV)
* 3 year fixed rate at 4.09% (60% LTV)
* 5 year fixed rate at 4.89% (80% LTV)

Post Office Director of Personal Lending, Marco Hughes, said: “We believe in offering great rates not only for the initial period but across the life of the mortgage. With speculation mounting that the base rate will move up in the next few months these new rates give our customers a fantastic opportunity to lock in a deal now.”

Customers can pick up information about the new mortgage range and rates online or from any one of the 12,000 Post Offices branches across the UK, with dedicated staff available at over 250 larger branches to help customers with mortgage enquiries. Customers will also be able to arrange a call-back from a mortgage specialist at our call centre, via all branches.

Customers can also call directly on 0800 077 8033.

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Council of Mortgage Lenders February 2010 Gross Mortgage Lending

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Mar 192010

Gross mortgage lending in February increased to an estimated £9.2 billion, a 6% rise from £8.7 billion in January, according to new data published by the Council of Mortgage Lenders. An increase in lending in the shortest month is unusual but unsurprising this year, given that the end of the stamp duty holiday distorted lending figures considerably in both December and January.

Lending in February was down 6% on £9.7 billion a year earlier, but the first two months of this year are broadly in line with our forecast for lending of £150 billion for 2010 as a whole.

In today’s market commentary, CML economist Paul Samter commented:

“As we look forward, we expect emerging signs of improvement as confidence in the economy grows and we move past the election. However, the need for the authorities to address fiscal deficit will inevitably slow the economy. At the same time the funding markets, while certainly better than a year ago, remain difficult and will limit the flow of available housing finance.

“Given the short-term weakness and distortions in the housing market, as well as more properties coming onto the market, it was perhaps unsurprising to see falls in some of the monthly house price indices in February. With activity unlikely to pick up much in the short term, we would expect to see continuing price fluctuation in the coming months.”

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