Today NatWest is launching a 5 year fixed rate mortgage at 2.95%, the lowest ever 5 year fix offered in the UK. This rate is only available to a maximum of 60% LTV and the arrangement fee is high at £2,495, but even so this still represents great value for mortgages of at £100,000 or more. Remortgages also qualify for free valuation and legal fees.
New Finance Products
Funding is currently available to allow Renovation of ‘un-mortgageable’ properties by means of a short-term loan split into two drawdowns.
Also by using a ‘blended finance facility’ it is now possible to fund 100% of the Purchase Price of additional residential or commercial properties in an existing portfolio.
Please contact us for further information.
Funding for Lending Scheme
BoE governor Mervyn King and Chancellor George Osborne jointly announced the “funding for lending” scheme last month, under which the UK’s central bank will give lenders cheap loans if they then in turn lend to cash-strapped companies.
The central bank could make £80bn available if High Street banks increase lending by 5pc.
“League tables” ranking banks by how much they lend are likely to be published every three months.
US Housing Market Has Turned—at last!
In the USA house prices have finally has moved beyond attention-grabbing predictions from housing “experts” that housing is bottoming. The numbers are now convincing, and seven years after the housing bubble burst, most indexes of house prices are finally bending upwards.
Edinburgh Prices Rise 500%
Edinburgh house prices have rocketed more than 500% in the last 25 years. It is the third-highest price increases of any city in Britain according to Bank of Scotland figures.
Property values in other Scottish cities, averaged an increase of 351% in the period, marginally exceeding the increase of 347%for the UK as a whole. Edinburgh’s increase of 509% was behind Truro at 550% and Westminster, London, at 522%.