New mortgage studies reveal a mixed picture

New mortgage studies reveal a mixed picture

New mortgage research data reveals some interesting insights into the current state of the market.

 

Generally, the signs are positive. Figures from the Finance & Leasing Association show that second charge mortgage repossessions have fallen 6% in the third quarter of 2011.

The total number of second charge repossessions so far this year stands at 649, a 7.8% reduction on this stage in 2010. This is attributed to lenders working with borrowers to find successful repayment plans that work for all parties.

 

Buy-to-let mortgage loans have increased by 16%, figures from the Council of Mortgage Lenders show. The third quarter of 2011 saw buy-to-let advances rise from 29,700 to 34,500. This puts buy-to-let mortgage lending at its highest level in three years.

The value of outstanding buy-to-let loans also continues to grow. As a proportion of all house purchase loans it remains lower than the heightened period of 2007-2008.

Lee Gladwell, Business Development Director at Platform, the Co-operative Bank's mortgage lender, commented:

"One of the main drivers for growth in buy to let lending is undoubtedly the fact that would-be first time buyers are finding it difficult to raise deposits. However there are many other factors that are likely to be driving the growth including economic uncertainty, employment insecurity, more single person households and student debt. This is therefore likely to be a long term trend rather than just a reflection of the current housing and mortgage market."

 

It is not only higher deposits that first time buyer mortgage applicants have faced, but higher rates too on low-deposit deals. Data from financial researchers Defaqto has found that borrowers at higher loan-to-value ratios are paying significantly more interest than others who are borrowing the same amount but as a lesser proportion of their home value.

Defaqto's case study cross-checks the same mortgage loan, £150,000, across different mortgage types at both 70% loan-to-value and 90% loan-to-value rates.

A 2 year fixed-rate mortgage would see the 90% LTV product costing £2,985 more each year in interest, an extra 59%. The closest congruity is from 5 year fixed-rate mortgages, which would see an extra £2,730 (46.5%) for the higher LTV product. The most severe disparity is to be found in base rate tracker mortgages, which see almost double the amount of interest payable each year.

While all mortgage rates have fallen in recent years (with the exception of 90% LTV tracker mortgages, which leapt in 2010), the study shows that average interest rates for 70% LTV products have fallen considerably more than 90% deals, which is indicative of the heavy bias towards lower loan-to-value arrangements. First time buyers may still benefit from saving towards a higher deposit to offset these steeper annual interest payments.

That big lenders are returning back onto the market for 90% mortgages after a hiatus, however, should add more competition to these products and make them more feasible for first-time buyers. Predictions in some quarters that the base rate is not likely to rise from its stable 0.5% rate until 2013 will support lower rates for consumers.

 

Could you benefit from a better mortgage deal? Visit Which4U's mortgage tables to see if we can help you to free up extra cash!

 

Keith McDonald
Which4U Editor

Thursday, 10 November 2011 14:39
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Advice

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Barclaycard Simplicity

Advice

Get 7.9% Representative APR (variable)
(Applies to every purchase and/or balance transfer you make)
No balance transfer handling fee!

Introductory Offer
Balance Transfer Rate: N/A
Balance Transfer Fee: N/A
Purchase Rate: N/A
Representative APR
Purchases: 7.90% p.a. (variable)
Representative Example: If you spend £1,200 at a purchase interest rate of 7.9% (variable) your Representative APR will be 7.9% (variable).
Annual Rates
Balance Transfers: 7.90% p.a.
Cash Advance: 15.8% p.a.
Annual Fee: N/A
Standard Features
Credit Limit: Subject to Status
Interest Free Days: Up to 56 days
On-Line Banking: Yes
Approval Criteria
  • You are at least 21 Years of Age
  • You have a Good Credit History
  • You are a permanent resident/citizen of the UK
  • You have a bank or building society account
  • You have an income over £20,000 p.a

Lloyds TSB Advanced Mastercard

Advice

You must spend a minimum of £100 in the 1st 3 months or the 6 month 0% purchase duration is reduced to 3 months only. Keep track of your money across your Lloyds TSB personal current and credit card accounts with Money Manager and Active Account Monitoring to spot any suspicious spending.

Introductory Offer
Balance Transfer Rate: 4.90% for 12 mths
Balance Transfer Fee: 1.50%
Purchase Rate: 0% for 6 mths
Representative APR
Purchases: 11.9% p.a. (variable)
Representative Example: If you spend £1,200 at a purchase interest rate of 11.95% (variable) your Representative APR will be 11.9% (variable).
Annual Rates
Balance Transfers: 11.9% p.a.
Cash Advance: 24.9% p.a.
Annual Fee: N/A
Standard Features
Credit Limit: £50,000
Interest Free Days: Up to 56 days
On-Line Banking: Yes
Approval Criteria
  • You are at least 18 Years of Age
  • You have a Good Credit History
  • You are a permanent resident/citizen of the UK
  • You have a bank or building society account
  • You have an income over £25,000 p.a

Amex Platinum Cash Back

Advice

Get 5% cashback on up to £2,000 spend within 1st 3 months (Max £100). After this you can earn cashback rates of 1.25% with NO spend limit!!

Introductory Offer
Balance Transfer Rate: N/A
Balance Transfer Fee: N/A
Purchase Rate: N/A
Representative APR
Purchases: 18.5% p.a. (variable)
Representative Example: If you spend £1,200 at an annual interest rate of 14.0% (variable) with a £25 annual Fee your Representative APR will be 18.5% (variable).
Annual Rates
Balance Transfers: 18.5% p.a.
Cash Advance: 22.9% p.a.
Annual Fee: £25 p.a.
Standard Features
Credit Limit: £50,000
Interest Free Days: Up to 56 days
On-Line Banking: Yes
Cashback
Introductory Cashback Rate: 5% p.a.3 mths
Standard Cashback Rate: 1.25%
Approval Criteria
  • I am aged 18 or over
  • I have a current UK bank or building society account
  • I have a permanent UK home address
  • I have a household income of at least £20,000
  • I have no history of bad debt
  • If self-employed, I have been working for more than one year.

AA Balance Transfer Credit Card

Advice

Earn AA Reward Points on your everyday card purchases, and earn double points on motoring, fuel and AA products. Use your points to purchase from a range of motoring products and services.

Introductory Offer
Balance Transfer Rate: 0% for 16 mths
Balance Transfer Fee: 3%
Purchase Rate: 0% for 3 mths
Representative APR
Purchases: 17.9% p.a. (variable)
Representative Example: If you spend £1,200 at a purchase interest rate of 17.9% (variable) your Representative APR will be 17.9% (variable).
Annual Rates
Balance Transfers: 17.9% p.a.
Cash Advance: 22.9% p.a.
Annual Fee: N/A
Standard Features
Credit Limit: Subject to Status
Interest Free Days: Up to 58 days
On-Line Banking: Yes
Approval Criteria
  • You are currently employed
  • You are over 23 years of age
  • You are a homeowner
  • You have an income of over £20,000
  • You do not have any recent credit defaults (CCJ's, current arrears or missed payments) on credit cards / loans / mortgages
  • You are a resident in the UK and can prove residential addresses for the past two years

AA Credit Card

Advice

Earn AA Reward Points on your everyday card purchases, and earn double points on motoring, fuel and AA products. Use your points to purchase from a range of motoring products and services.

Introductory Offer
Balance Transfer Rate: 0% for 12 mths
Balance Transfer Fee: 3%
Purchase Rate: 0% for 10 mths
Representative APR
Purchases: 16.9% p.a. (variable)
Representative Example: If you spend £1,200 at a purchase interest rate of 17.9% (variable) your Representative APR will be 17.9% (variable).
Annual Rates
Balance Transfers: 16.9% p.a.
Cash Advance: 22.9% p.a.
Annual Fee: N/A
Standard Features
Credit Limit: Subject to Status
Interest Free Days: Up to 58 days
On-Line Banking: Yes
Approval Criteria
  • You are currently employed
  • You are over 23 years of age
  • You are a homeowner
  • You have an income of over £20,000
  • You do not have any recent credit defaults (CCJ's, current arrears or missed payments) on credit cards / loans / mortgages
  • You are a resident in the UK and can prove residential addresses for the past two years

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