Mortgage News: Exclusive Fixed Rate Now Available

17th March 2009

You may be aware that the Bank Rate has fallen again as predicted by most experts and is now at a historically low level. We are certainly into an era of “Unknown Territory” and nobody can be certain what even the immediate future holds and how the economy will generally react.

The Government is obviously keen to see the remaining Lenders becoming more forthcoming in their funding of the housing market. Lenders are unconvinced that falling property values have bottomed out and are refusing to take risks at the higher loan to value end of the market asking for significant deposits in most cases and increasing their credit scoring pass thresholds substantially.

The best Mortgage Rates therefore are available to the safest sector of the market, from the Lenders perspective, i.e. those with a lot of equity looking to Re-Mortgage or having a deposit of up to 40% in a Purchase scenario. Unfortunately first time buyers continue to be left out in the cold.

In the “Safety Sector” we have just been given access to an exclusive Fixed Rate Product through our Network, Sesame.

The Product comprises a 5 Year Fixed Rate Mortgage priced at 4.19% and is available for either Purchase or Re-Mortgage business up a maximum 65% Loan to Value. Minimum loan is £60k and maximum is £500k.
The Lender is including a free basic valuation in all cases and will also cover standard Legal costs in a Re-Mortgage situation. Arrangement Fee is £995 and can be added – although not advised.

Funds are strictly limited and monitored daily to avoid any overspend.

Is it a good time to Fix? Short term maybe not, but how confident are you the Bank Rate will still be at 0.5% even later this year? Will Lenders rates fall further? Not much we feel, as Swap Rates affect this type of funding more than Base Rate.

For information on this or other Mortgage enquiries please contact our experienced Mortgage Advisors:

• David Bentley - Independent Mortgage Adviser
  07872 117 335 david.bentley@carringtongroup.co.uk.
• Carolyn Silver - Independent Financial Adviser
  0207 324 6030 Carolyn.silver@carringtongroup.co.uk

Back