A UK Personal Finance Blog – The result of direct exposure to the fallout of the financial crisis.


Thinking About Mortgages Again


Find in Mortgages December 6th, 2012 - 4,586 views

After several years skirting around the field of financial services I finally decided to obtain the necessary qualifications to provide mortgage advice, in 2007.

Yep, I became a qualified mortgage adviser about 6 months before the industry collapsed. It was a fun time.

Like many advisers, when the mortgage enquiries started to dry up, I started looking more closely at protection products like life insurance, income protection etc. and for the last few years that’s where I have been focusing my efforts (I even have some testimonials from happy customers!).

At one time I toyed with the idea of taking financial adviser exams but there were so many changes going on I waited but I have recently picked this up again and I’m part way through the exams (reading about pension tax & law is like trying to read a foreign language).

As a qualified mortgage adviser I am still registered with several lenders and I get regular updates about the industry and new product releases. Just today I received one such email that made me think it might be time to start looking at mortgages again.

There is hope for first time buyers!

If they earn enough money, have a squeaky clean credit history and can raise the necessary deposit.

Those have been the key problems for first time buyers of late but recently products have become available that take at least one of those out of the equation.

90% loan to value mortgages at sensible rates with sensible fees.

The rate I’ve seen advertised is 4.84% for a 2 year fixed rate with a £495 fee.

There may be better rates available from other lenders. I’m going to look into that now too.

Some might say a rate of 4.84% is not really competitive when other lenders are offering rates below 2.5% for lower loan-to-value products but that’s only if you look at a snapshot of the present.

If you go back a few years those kinds of rates were very competitive. Even at lower loan-to-values.

Things don’t appear to be too bad for first time buyers but of course the cost of living has gone up and lenders are still trying to avoid risk like the plague so actually getting accepted is another thing altogether.

Does anybody reading this know of any first time buyer success stories they’d care to mention?

One Response to “Thinking About Mortgages Again”

  1. Savvy Scot Says:

    Those loan rates are still so high compared to foreign markets :( – we recently got a 85% LTV fixed for 3 years at 4.19 % with Santander.

    Have you thought about freelancing as a consultant?

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