Royal Bank of Scotland and Natwest are to increase the minimum size of deposits that landlords must pay from 15 to 25 per cent of a property’s value from the end of today. The banks, which previously lent up to 85 per cent of a buy-to-let property’s value, said the move was a defensive measure …
Category Archives: Mortgages
Mortgages plc Withdrawn From The Prime Buy-to-Let Market
The wholly owned subsidiary of Merrill Lynch will continue to process prime buy to let applications until close of business on Wednesday 26th March, but will accept no new applications thereafter. Polly Hughes, head of marketing at Mortgages plc, said: We have seen both an increase in the number of new buy to let applications …
NatWest Introduced New Buy to Let Mortgage Rates
As from today (20 March 2008), NatWest introduced new rates to two of its buy-to-let products. NatWest buy to let mortgages: 5 year fixed rate (max LTV 85%) will increase to 5.99% from 5.50% with a £1,999 arrangement fee until 30 June 2013. 2 year discount (SVR +2.19%) (max LTV 85%) will increase to 5.75% …
CML Reports Decrease in Mortgage Lending
According to data released in the past few days by the CML (the Council of Mortgage Lenders), mortgage lending decreased in recent months, which indicates that the current world market’s turmoil is affecting the mortgage market. First-time-buyers usually took out loans for 88% of the overall property’s value in January, down from 90% in December …
Mortgage Lending Rose 11% in January 2008
The overall mortgage lending has increased by 11% in January 2008, from £23.9 billion in December 2007 to £26.5 billion. January’s gross mortgage lending reached similar figures to January 2007 which was £26.6 billion, The Council of Mortgage Lenders reported. This is excellent news given the recent unstable market conditions. Michael Coogan, the CML Director …