In the last 2 years we have seen mortgage variable rates reduce to less than 4%, and with most Tracker deals having expensive fees plus fixed rates being fixed at more than 5% most Mortgage advisers have been suggesting clients stay with their current variable deals.
Howver this is a trend that has stopped in the last few months says Rob Ashley of Rest Assured Mortgages. Recently I attended an awards evening in Birmingham and 2 weeks later a seminar in London, at both these events we had talks from the top boys from the big High street banks and they all agreed on one thing, rates will go up next year. They also agreed they can’t wait for it because they are losing too many savers that are putting their money into other investments which Banks don’t like so need to ramp up their interest rates quickly.
The good news is that some lenders have decided to really drive the Mortgage market forward and make money from attracting good quality mortgage customers to pay their savers that way. As a result of this Woolwich has released a Great Escape package with a tracker at 2.18 above the Bank’s base rate of .5% currently. This deal comes with free legals and Survey and a new incentive of a £300 cash-back to cover the cost of the other lenders Exit Fees. Woolwich also have a swap and lock option meaning if a client on a tracker gets nervous and decided they prefer a fixed rate they can swap to whatever Woolwich fixed rate deal is available at the time.
On the fixed rate front the old RBS now Nat west are offering a fantastic 3.75 5 year fixed rate or a 3.99 5 year fixed with no arrangement fee.
Both lenders are keen to lend and as of today’s date other than the odd admin delay that we expect from Lenders now who have cut staffing levels to a minimum we have not had difficulty of getting mortgage offers for our clients.
More Details of the Woolwich/Barclays deal click here.
For more details or to chat more about what remortgage deals are available to you call Rob Ashley at Rest Assured Mortgage or complete an enquiry on the Mortgage Finder web site and add a note you want to speak with him.
11 Comments
Comment by Anne Mac — November 23, 2010 @ 6:06 pm
I have read that rates could go up next year. Some say 1st Quater some last. What are your Views as you dont say in your blog. AM
Comment by Rob AR — November 23, 2010 @ 6:46 pm
Hi Anne
The best talk I attended was from the head of pricing at Santander, there were the top 100 advisers from my Network that attended the meeting and I remember saying at the time
“I bet that guys salary is more than all of ours added together”
He made some very interesting points and put a different spin on the way I now look at Banks and their pricing of Mortgage products but the big point he made and I would guess if anyone can predict the future he should be able is that he feels the 3rd quarter of 2011 is when we will start to see some movement. He also predicted that Property Prices will start t move again then.
I will enjoy looking back at this Blog and seeing if he was right.
Cheers
Rob
Comment by Daniel — December 17, 2010 @ 10:39 pm
great post, thanks for sharing
Pingback by Fixed rate or tracker rate Mortgage – News Roundup January 2011. - Mortgage Finder — January 28, 2011 @ 5:57 pm
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