Monthly Archives June 2011

Mortgage Deals for a Limited Time Only!

I found it quite bizarre when in my inbox dropped an email with a limited 7 day offer on some mortgage rates from Abbey.

It’s the kind of marketing I’d expect from a closing down furniture shop!

A 7 day only offer on a mortgage product?! Is this the shape of things to come?

Now what could the reason be for such a limited time offer…?

Are Abbey a bit worried they’ll get mobbed with applications and struggle to handle the enquiries if they open the offer up for longer?

Or do they only have access to a limited amount of money to lend and they calculate 7 days is about the life expectancy of the funds in the current climate?

Will they run it for 7 days, process the enquiries and then run it again a few weeks later…?

I have no idea.

What I do know is how the offers compare to others:

Abbey’s 7 day offers are:

2 year fixed –  2.89% – 75% LTV – £995 booking fee (can be added to loan) MAX LOAN £1m – Completion deadline: Sept 30th 2011 Available to remortgage and purchase customers with free valuation and legals / £250 cashback

&

2 year tracker – <1.99% – 70% LTV – £995 booking fee (can be added to loan) MAX LOAN £1m NO COMPLETION DEADLINE (Offer valid for 6 months) Available to remortgage and purchase customers with free valuation and legals / £250 cashback

The thing to pay attention to here is the LTV (Loan to Value).

There are better deals at lower LTV’s but at comparable LTV’s to those above, I’ve had a little look around and the best comparable Fixed rate I can find is a:

2.99%, 2 year, fixed deal from the Yorkshire Building Society with a £995 fee up to an LTV of 75%.

So, just from a quick scout around the Abbey deal looks pretty good.

As far as the Tracker is concerned, once again the Yorkshire Building Society have a rate of:

2.39% for 2 years (and they go up to 75% LTV) with a £995 fee.

So once again, the Abbey offer looks like it could just pip the competition and top the charts for a week.

If you can find them and they are right for you…. get some proper advice before deciding what to do…. but alas, you don’t have long to decide!

Or do you… They might do it all again in a  few weeks!

So much to do, so little time…

This is one of those ‘quick update’ posts. I haven’t written anything for a few weeks and I thought I ought to write something but I haven’t found the time (and perhaps the focus) to write anything meaty about one particular subject.

Don’t get me wrong, I am well aware that plenty has been going on in the world.

America’s recovery is slowing down, vehicle recovery firms in the UK are deathly quiet because people just aren’t out on the roads thanks to fuel costs and high inflation (has anyone else noticed it seems much quiter on the roads? – and still the global carbon emissions hit record levels!).

Financial institutions have set aside billions to pay back mis-sold PPI premiums (nice).

Some industries are doing OK. Bet Fred bought The Tote for £265M today. 

Oh, and cucumbers have made Russia ban EU vegetables.

But I still haven’t made time to get my teeth into something for a while.

It all started when I went to Istanbul to see the Grand Prix. While I was their a friend had £3500 worth of dental work done for about £1500 (with a few fillings thrown in).  He had a holiday and a couple of bridges for the less than the cost of the work here. Are we being over-charged?

After just one week away I came back to find a few emails in my inbox and word that about half a dozen new clients had been taken on by the little bookkeeping company I inherited.

It certainly looks like it could well be a recession proof industry. New enquiries keep coming in!

But it’s a bit antiquated and could do with modernisation to improve efficiency.

So my thinking is to introduce a new computer system to replace the old (but very complex) XL spreadsheets and after a bit of searching I came across VT Software and I have to say it’s really easy to get up and running with and what’s even better is they have a free offering (Cash Book) that would suit most self employed people and can produce a Profit & Loss account.

So, a holiday, a new computer system to investigate, a member of staff who’s off for an operation for 2 – 3 months who needs replacing, the hiring of a replacement. It all adds up.

Not to mention the fact that one of my other websites keep generating leads for me in my self employed capacity.

I could be fooled into thinking there’s an economic recovery going on but experience tells me it’s best to err on the side of caution for a bit longer. The base rate is still 0.5% and that wont go up until people are able to afford it.

Thankfully though Northern Rock recently lowered some of their fixed rate mortgages by 0.5%  so let’s hope that’s the shape of things to come and the banks have finally recovered their losses (by putting a big mark-up on the interest rate of money they lend compared to the money they borrow – that might be worth writing about….Hmmmm).

Did I mention the wedding? No?

I’m due to be the best man so I’ve had to arrange a stag do, attend a stag do, recover from a stag do, write a speech, get fitted for a suit, plan ways to sabotage the bridal suite. The list goes on!

Oh, quick tip, if you go to HobbyCraft for wedding bits (confetti, place holders, ribbon etc.) don’t buy their ‘Car Ribbon’ for about £16, go to their ribbon section and buy the normal wide ribbon for £3 (it’s a longer roll too!).

Wedding’s tomorrow.

So much to do, so little time….