As highlighted in an earlier post; I mentioned whether or not mortgage borrowers were going to be affected by the “collars” in certain mortgage lenders terms and conditions. Earlier today Nationwide has confirmed it will not enforce their collar, previously set at 2.75%. This is good news as it will mean that borrowers on tracker mortgages will benefit from the full 1% rate drop. This news follows yesterdays decision by the Halifax not to enforce their controversial collar also.

Shane

Mortgages? If we were to believe the media then we would probably think that it was impossible to get a mortgage!

But this is simply NOT the case; it is true that for many individuals it is harder to obtain a mortgage than it has been in recent years, but at the end of the day, assuming you have a clean credit history, a reasonable deposit or in the case of a remortgage, equity, and a steady job then getting a mortgage should not be too much of a problem.

Mortgage availability has certainly reduced, in fact we had access to around 25000 products this time last year, and at the last count our mortgage sourcing software had a little over 5000 available.

So the moral of this story is, don’t ASSUME you wont get a mortgage, whether to buy a new home, or to refinance your current property, just give us a call or drop us an email and arrange a meeting to discuss your mortgage needs.

Shane Beardsley
Managing Director / Independent Financial Adviser