What amazing things I have come across in my daily exercise in the last week. Seeing things which we are usually too busy to entertain in our normal everyday life which are so pleasurable and on our doorsteps. Having first witnessed 2 sets of ducks with 10 ducklings between them followed by a set of Canadian Geese with 7 goslings in tow was a picture. How oblivious they are to the current pandemic going on around them.
After also seeing a change in weather we have also seen a change in view of several of the lenders in the last week. Unlike the weather (unless it is the benefit of a watered garden) the lenders are now starting to relax their lending criteria. While this does not apply to all lenders we have seen many who were restricting to 60% now increase their lending to 75%. We have also seen an increase with some lenders increasing to 85% and another lender to 90%. These are all positive moves. In addition we have also seen reduced interest rates from some lenders with Fixed rates as low as they have been.
In the last week we have also seen lenders applying common sense to lending where criteria has not quite met their new expectations but they have taken a view on things supported by accountants information and issued an offer within hours. At present the sticking block is still the valuations but valuers and lenders are working together to drive these through their automated systems where possible to again issue offers.
If you are not moving but your mortgage deal is coming to an end, this is also a good time to review the mortgage you have. In the last week I have reviewed 6 mortgage deals and saved money in each instance with one client choosing to reduce his term by 3 years and still pay the same monthly payment.
One thing not to forget at the minute is life insurance. Again, insurers are keen to insure clients and now is as good a time as any to get your life insurance – critical illness or income protection reviewed to make sure if the worst case was to happen, your dependents and loved ones are not just grieving around any losses but they are financially protected for their future.
If you require any advice or information please give me (Andrew Sellars) a call on 07946 432770