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Mortgage Matters, Bill's Money Overview

We currently have the lowest mortgage rates most people can ever remember and despite what you might hear, banks and building societies do have a healthy appetite to lend in 2015 as they are more confident in economic conditions and house price inflation.

The Mortgage Market Review of 2014 conducted by the Regulator has meant more strict examination of mortgage applications by lenders with many reducing the amount they will give to borrowers and bringing the role of the Mortgage Broker to the fore.

Brokers are currently writing circa 60% of all mortgages with applicants valuing the fact they need to have only one meeting with someone who can examine the whole of the market rather than having to have multiple meetings with lenders themselves. Brokers also understand the finer points of how each lender underwrites an application and has access to far more information on lending criteria than the lenders ever want to give to customers direct.

There is also a growing appetite to lend to people with impaired credit histories although these lenders usually require at least 15% deposit and in certain cases 25-30%. These types of mortgages are generally only available through brokers.

The Help To Buy Equity Loan Scheme and Help to Buy Mortgage Guarantee Scheme have been responsible for helping 88,000 people buy a house and aren't permanent so anyone with a small deposit should be considering getting on the housing ladder before the schemes end.

The increased regulation of residential mortgages has caused lenders to look to other areas for their market share and also encouraged new lenders into the buy to let market where we are seeing rates and fees dropping due to the low bank rate and the increased competition. Many lenders prefer to offer these mortgages via brokers only and this is a very buoyant area and will continue to be so since the spectre of rent capping has gone since the Election.

Anyone looking to buy this year should make sure they are on the electoral roll, have all the various proofs of income and bank statements showing a well conducted account. It will be worth checking your credit history with a company such as Experian or Equifax and they will be happy to discuss the contents of the report if needed or just bring them to your mortgage adviser who can help you.

Hopefully you will let us help you with your mortgage needs, confident you will be dealt with properly.

Bramleys Financial Consultants are directly authorised and regulated by the Financial Conduct Authority.
The Financial Conduct Authority does not regulate debt management and some aspects of buy to let mortgages.
Think carefully before securing other debts against your home or property. Your home or property may be repossessed if you do not keep up repayments on your mortgage or any other debt secured on it.

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