Before I talk about broker-only mortgage deals, some news on our fundraising.
While many of you were tucked up snuggly in bed this morning, 4 of us ran the Vitality Half Marathon across London. Very well done for Nick Plappert getting the fastest time of 1:43. I managed a personal PB of 1:51 and Paul Asare and Jerome Fick did fantastically well to get around on their first run of anything like this distance!
Aside from having something to brag about on social media, we did this in aid of the charity we support – Hand In Hand International – a truly great charity that supports women by creating jobs and offering financial education in some remote and troubled countries. They didn’t intend to set out to be a ‘womens charity’ but found that in the areas they work in, of each $1 earned, men spent $0.35 on the community, while women spent $0.90! You can read more about exactly what they do on the link above or the Social Responsibility page of our website.
This happens to be very timely as they have staff on the ground in Afghanistan and you need to be living under a rock to not know what is going on out there at present. Whatever your personal feelings are of the situation, we would be honoured if you could spare even a very modest sum to go to this great charity as it goes directly to the people in need and may help many out of poverty and even be a lifeline to them and their staff in a very dire situation. If you could support us on this, just click the link below and you will have our eternal gratitude 🙏
Broker Exclusives Back With A Bang
Back in the mortgage world, it has been refreshing to see many lenders turn to brokers, and even us specifically as a firm, to distribute their mortgages. In the last week alone, 4 of the top 5 lenders in the UK have released broker-only deals which are better than what they are offering directly.
The market remains very buoyant, and as we start to move into a ‘post covid’ era and we see no signs of things slowing down. As I talked over in great detail last week, house prices could well carry on an upward curve for some time which will push the purchase market, but the majority of the work we do is actually remortgaging our clients and new ones.
Once you get into more niche areas as:
– High Net Worth Clients
– Large Loans (£1m+)
– Self Employed Clients
– Refurb/Development loans
– Non-UK Nationals
We have options available to us which simply are not available to the public directly via our broker-only mortgage deals. Lenders prefer to work with brokers as a rule as we have access to better clients (as if you are busy, it rarely makes sense for you to spend hours researching online or talking directly to banks) and know how to package cases correctly, which means they can get mortgage offers out faster and it takes up less resource.
While during the depths of the pandemic this was a necessity, as lending volumes have shot up, it remains a necessity for banks to work with high-quality brokerages such as ours if they want to hit their lending targets.
All brokers are not equal in this regard, and it has always been one of the things I am proudest of about my company that leading UK lenders come to us time and time again for new, innovative and market-leading products, ahead of our competitors.
Equally, if you are just after the best rates available, we have access to all of that too. Again, many lenders are now offering their best mortgage rates via brokers like ourselves which are not even available directly to you. That may seem odd but if you take the point above, you can see why that happens.
It looks like we are in the box seat when it comes to access to lenders and products. I doubt that will change any time soon, so whatever your situation, please do talk to us before proceeding as we can often get a faster mortgage offer or lower interest rate (sometimes both), which is why I set up this company in the first place. We want to put more £££ in your pocket and not the banks!
Money markets are all down slightly, which almost exactly mirrored the rises last week, maintaining a pretty flat interest rate outlook for the foreseeable future.
Therefore, our default position stands, unless you have any specific needs, we would most likely recommend a longer-term fixed rate if you have a 25% + deposit, but keep it short term or flexible if less than that figure.
In the last week:
3 Month Sterling = down by 0.002 at 0.067%
2 Year SWAP = down by 0.029% at 0.468%
5 Year SWAP = down by 0.043% to 0.670%
Bank of England Base Rate = Held at 0.10%
2 Year Variable from 0.99%
2 Year Fixed Rates from 0.83%
5 Year Fixed Rates from 0.96%
BTL Rates from 1.19%
The actual rate you will be offered will be dependent on your personal circumstance and deposit level. Please speak to one of our advisers so that they can guide you through this process
Source: Twenty7Tec August 2021
If you would like to more about our broker-only mortgage deals please contact one of the team.