![]() Personal information will be treated as confidential by us and held in accordance with the Data Protection Act 2018. You voluntarily choose to provide personal details to us via this website. A typical fee is £495 plus we will receive commission from the lender. A fee of up to 1% of the mortgage amount may be charged depending on individual circumstances (i.e. ![]() The guidance and/or advice contained within this website is subject to the UK regulatory regime and is therefore primarily targeted at consumers based in the UK. Your home may be repossessed if you do not keep up repayments on your mortgage. For more please read our guidelines below: The guidance and/or advice contained within this website is subject to the UK regulatory regime and primarily targeted at consumers based in the UK. “Many of the lenders have been telling us that they are open for business and they are not withdrawing their mortgage rates.”Ĭall Trinity Financial on 020 7016 0790 to secure a mortgage Where the AVM fails the case will be escalated for a physical valuation.Īaron Strutt, product director at Trinity Financial, says: “If your application is submitted and your property is selected for a desktop valuation there is a good chance your mortgage will be agreed quickly. While new builds and homes estimated to be worth more than £1 million will not qualify. In order to qualify properties must have an estimated value of between £100,000 and £2m. HSBC has confirmed it will only accept AVM valuations for remortgages up to 80% loan-to-value and for home purchases the loan-to-value must be 85% or less. If a property is outside London and the South East, HSBC says the mortgage size must be £500,000 or less for a house or bungalow and £250,000 or less for a flat or maisonette. If the property is inside London or the South East the loan can be up to £1m for a house and £500,000 for a flat or maisonette. These systems generate a property valuation without a valuer visiting the property. In order to process more mortgages, HSBC has published the criteria for its system-generated property valuations known in the industry as desktop valuations or automated valuation models (AVMs). Warners, which has held the unofficial title as Edinburgh’s leading property solicitor estate agent for 14 consecutive years since 1999, measured in terms of property sales as recorded by ESPC.Following the Government’s recent announcements many surveyors have canceled internal property inspections with immediate effect. We don’t see this slowing down, so if you are considering selling your home – there really hasn’t been a better time. This year already, our expertise – complimented with the low interest rates and a healthy local market – meant that in the first three months of the year, we successfully have sold more 200 properties. We can guess at HSBC’s intentions, but what we do know is that the financial implications of these lowest ever rates along with the health of today’s property market makes for a great time to be buying or selling. Clearly HSBC expect others to follow in response to the market conditions, so by getting in first they get a raft of positive PR to counteract the tax-avoidance scandal that was widely covered earlier this year.Ĥ.) A belief that the Bank of England will keep interest rates at, or close to, the record low level of 0.5% Put simply if it were to increase its rates significantly, mortgages would not be viable for the lender. ![]() So it begs the question: why would HSBC suddenly slash its rates to a level significantly lower than the 2.29% currently offered by its nearest rival?ġ.) Confidence that the economy has, and will continue to, create soaring demand for mortgages and this has to be a key part of the thinking behind the record level rate – more people are buying and selling and more new mortgages are needed to facilitate this.Ģ.) The expansion of the internet has helped to raise awareness of great offers out there and all lenders know that the public are far more likely to shop around, with more emphasis on cost savings than was perhaps the case in previous generations.ģ.) It could be a change to generate publicity. It is widely assumed that this will lead to something of a price war as competitors scramble to match HSBC’s statement of intent with similar eye-catching offers. All signs are currently pointing towards a Scottish housing market that is healthier than ever, with property sales hitting impressive heights and lenders slashing mortgage rates.īanking giant HSBC caused a media ruckus when it heralded the first ever five year fixed rate mortgage to drop below 2%, a 1.99% rate.
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