Tag Archives: no-fee mortgage broker

It May Still Be Some Time Before The Bank Of England See The Need To Raise Interest Rates, But With The Cost Of Funding Fixed Rates Pre-Empting Any Change In Bank Rate, There Are Already Signs That Fixed Rates Could Cost More

The cost to lenders to fund some fixed rates isnow higher than earlier this month despite the introduction of quantitative easing measures, which it was hoped would help reduce borrowing costs, and this has already had some knock on effects. Less than two weeks ago, the cheapest 5 year fixed rate was a fantastic 3.95%, one of the lowest 5 year fixed rate mortgages seen in the UK. However, today, the best you can achieve is 4.24%, still attractive but an increase that will cost a borrower with a £200,000 interest only mortgage an extra £2,900 over 5 yrs.

These headline grabbing rates are also usually reserved for borrowers who have at least 25%, and often 40% equity in their homes, and as house prices continue to fall, fewer homeowners will qualify.

Those borrowers that don’t qualify for the lowest rates face a very difficult decision. Do they take what is historically still a competitive fixed rate, or do they save money now and stay on their lenders standard variable rate (svr). If they opt for the svr they are likely to see their equity eroded further, and run the risk that fixed rates in the future could be considerably higher.

Many lenders will not lend to borrowers with less than a 15% stake in their home, so fixed rates are harder to find. Richard Morea from London & country Mortgages advises, ‘Whilst it’s unlikely that rates will climb steeply in the near future, a combination of any rise, and the continued erosion of equity mean that whichever rate you qualify for, now is the time to consider a fixed deal, and take action to secure it!’

For more information and no-fee advice, borrowers should call free on 0800 373300.

London & Country (L&C) is the UK’s leading no-fee mortgage broker. Based in Bath, it provides whole of market advice via telephone and post to clients nationwide. As well as residential mortgages, it also specialises in the Buy-to-Let and adverse-credit sectors.

L&C is a Climate Neutral company and for the last seven years has invested in climate friendly projects and tree-planting to help offset its emissions and those of its customers. For more information, go to www.lcplc.co.uk/green

L&C has won numerous awards including:

Best Mortgage IFA/Adviser of the Year – Money Marketing, 2004, 2005, 2006 and 2008
Best Technology Adviser – Money Marketing 2007
Best Mortgage Broker outside London – Mortgage Strategy, 2004 and 2005
Best National Broker – Mortgage Introducer 2005, 2006 and 2007
Best Overall Broker – Mortgage Introducer 2005
Overall broker of the year – Pink Home Loans, 2006 and 2007
Top 100 company in the Sunday Times Fast Track 100 for 2004 and 2005
Business of the Year – The Bath Business Awards 2005
Growth Strategy of the Year – National Business Awards (Wales and West) 2008
Business Leader (Broker) – British Mortgage Awards – 2008
Online Mortgage IFA of the Year – Financial Adviser – 2008

Via EPR Network
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L&C Customers Save £5.9M In Broker Fees

The mortgage market has changed out of all recognition in the last 18 months and borrowers are ever more keen to seek quality advice without incurring a heavy cost for that advice. Mortgage arrangement fees have soared in recent years and with some broker fees amounting to as much as 1% of the mortgage amount on top, borrowers cannot ignore their impact.

“Fee-free, whole of market advice coupled with quality service from application to completion has been central to borrowers choosing L&C. With mortgage availability restricted the last thing our borrowers want to face is another fee. That’s why we are maintaining our commitment to fee-free mortgage advice”, commented David Hollingworth at L&C.

Borrowers seeking fee-free advice should call 0800 373300. Saving in broker fee calculated based on a fee of £250 per mortgage.

London & Country Mortgages Ltd is the country’s leading whole of market no-fee mortgage broker and submitted in excess of £4bn of mortgages to over 70 lenders in 2008.

L&C has won numerous awards including:

Best Mortgage IFA/Adviser of the Year – Money Marketing, 2004, 2005, 2006 and 2008
Best Technology Adviser – Money Marketing 2007
Best Mortgage Broker outside London – Mortgage Strategy, 2004 and 2005
Best National Broker – Mortgage Introducer 2005, 2006 and 2007
Best Overall Broker – Mortgage Introducer 2005
Overall broker of the year – Pink Home Loans, 2006 and 2007,2008
Top 100 company in the Sunday Times Fast Track 100 for 2004 and 2005
Business of the Year – The Bath Business Awards 2005

Growth Strategy of the Year – National Business Awards (Wales and West) 2008
Business Leader (Broker) – British Mortgage Awards – 2008
Online Mortgage IFA of the Year – Financial Adviser – 2008

Via EPR Network
More Financial press releases