http://complete-mortgages.co.uk/news http://complete-mortgages.co.uk/news http://complete-mortgages.co.uk/images/complete-mortgages.png Complete Mortgages - Mortgage, Financial, Company News and more en info@complete-mortgages.co.uk Copyright 2012 2012-05-10T13:10:26+00:00 http://complete-mortgages.co.uk/blog/bank-holds-base-rate-at-0.5-with-no-extension-to-qe/ 1336680626 Financial News The Bank of England’s Monetary Policy Committee has held the base rate at 0.50% with no extention to quantitative easing. The Bank’s total asset purchase programme remains at £325bn. Financial News Thu, 10 May 2012 13:10:26 -0700 http://complete-mortgages.co.uk/blog/uk-economy-back-in-recession/ 1335368981 Financial News The UK is back in recession after the economy shrank by 0.2% in the first quarter of 2012, according to figures from the Office for National Statistics. The fall is the second succesive quarterly fall, after GDP shrank by 0.3% in the last three months of 2011. Today’s figure is the preliminary estimate from the ONS, based on only about 40% of the information that will be used to reach later figures. According to the ONS, output of the production industries decreased by 0.4% during the first quarter, while the construction sector output decreased by 3%, a huge rise on the 0.2% decrease seen during the precious quarter. Financial News Wed, 25 Apr 2012 08:49:41 -0700 http://complete-mortgages.co.uk/blog/life-insurance-premiums-are-set-to-go-up-in-2013/ 1334966054 Product News You may have seen recent press the EU has ruled that from December women will need to pay the same as men for life cover as well as other insurance premiums.  This will mean a potentially significant increase in women’s premiums if purchased after 21st December 2012. Historically women have always paid less for their life cover as on average they live longer than men. However the new directive from the EU has stated that insurance companies cannot discriminate towards men and therefore women’s premiums are set to rise. This however does not mean that everyone’s premiums will be the same. Factors such as age, occupation and health will still have an impact on your risk and therefore how much you will pay for your policy. The new ruling only states that your gender will no longer have an effect.  There are also other factors due to come in next year that will impact on your premiums. Tax for life insurance providers are set to change and many will experience higher tax bills. This means there might be an increase on all new customers’ policies with premiums rising across all insurance products they offer.  If you don’t have life insurance or critical illness cover now is the time to consider this. There are a number of options available on the market, including life cover, critical illness cover, family income benefit, income protection and many many more. Here at Complete Mortgages in Guildford, Surrey we can take the hassle out of purchasing insurance products and we can review your circumstances and find the right cover for you.  So, if you are looking to arrange your insurance or protection pleas contact us today to see how we can help. Product News Fri, 20 Apr 2012 16:54:14 -0700 http://complete-mortgages.co.uk/blog/no-change-to-base-rate-or-qe1/ 1333655735 Financial News The Bank of England’s monetary policy committee has voted to keep base rate at a record-low 0.50% for the 37th consecutive month and to keep its programme of quantitative easing at £325bn. Base rate was cut to 0.50% in March 2009, on the same day the BoE initiated a programme of QE worth £75bn. In February, the BoE voted to increase the size of its QE programme by £50bn to £325bn. The latest round of QE will complete next month. The minutes from last month’s MPC minutes show it was split 7-2 over whether to increase the size of its quantitative easing programme beyond its current £325bn level. MPC members David Miles and Adam Posen voted to increase the size of the programme by £25bn to £350bn. Financial News Thu, 05 Apr 2012 12:55:35 -0700 http://complete-mortgages.co.uk/blog/budget-2012-15-stamp-duty-for-2m-homes-bought-through-firms/ 1332362613 Financial News The Chancellor has confirmed in the Budget that homes worth more than £2m will face a new Stamp Duty rate of 7%, with 15% levied on homes over £2m bought through a company. The 15% stamp duty will be effective immediately and aims to close down a loophole whereby properties owned by companies do not face stamp duty when sold. Chancellor George Osborne has also announced it plans to consult on introducing a “large annual charge” on £2m homes which are already bought through companies. Osborne said capital gains tax will also apply on residential properties through overseas companies. The Government will also close a loophole which allowed people to avoid stamp duty through sub scale relief by putting their home in a trust. Currently Stamp Duty kicks in at £125,000 and is charged at 1%, rising to 5% on properties worth over £1m. Delivering his Budget speech in the House of Commons this afternoon George Osborne also spoke out against the practice of high earners finding ways to avoid paying tax. He said: “It was the boast of some high earners that they were paying less tax than their cleaner. I regard tax avoidance as morally repugnant.” Osborne said the Government will consult on introduing a general anti-avoidance rule in the UK, with the aim of bringing in legislation through next year’s finance bill. The stamp duty move is part of a compromise between the Coalition parties to deliver a quicker rise of the personal allowance towards £10,000. The rise in Stamp Duty will mean that the minimum tax on a property worth more than £2m will rise from £100,000 to £140,000. Stamp Duty on a property worth £5m will rise from £250,000 to £350,000. Financial News Wed, 21 Mar 2012 13:43:33 -0700 http://complete-mortgages.co.uk/blog/nationwide-cuts-interest-only-ltv-to-50/ 1332273072 Product News Nationwide Building Society is slashing its interest-only LTV (loan to value) for residential lending from 75% to 50%. The society says the change is in response to changes made by other lenders and takes effect tomorrow. Nationwide head of mortgages Martyn Dyson says: “A number of major lenders have recently restricted their criteria for interest-only mortgages and Nationwide needs to be able to manage application levels in a prudent and sustainable manner.  “The group is therefore amending its policy to a maximum of 50% LTV.” Nationwide lowered its LTV for interest-only to 75% in April 2011, it previously offered 85% LTV. Product News Tue, 20 Mar 2012 12:51:12 -0700 http://complete-mortgages.co.uk/blog/uk-inflation-falls-to-3.4/ 1332272754 Financial News The UK consumer prices index has fallen to 3.4% in February, according to the Office for National Statistics. The consumer prices index is down 0.2% from 3.6% in January. The retail prices index fell to 3.7%, from 3.9% in January. Inflation has fallen markedly since its high in September 2011, but still remains well above the Bank of England’s 2% target. CPI reached a record high of 5.2% in September 2011 while RPI stood at 5.8% in September 2011, its highest point since June 1991. The largest downward pressures on CPI came from domestic electricity and gas, recreation & culture and transport. Offsetting these falls were rising pressures from alcohol off sales and vegetables. The largest downward pressures for RPI came from motoring costs and fuel & light. The ONS cited alcohol as the only upward pressure for RPI.   Financial News Tue, 20 Mar 2012 12:45:54 -0700 http://complete-mortgages.co.uk/blog/lenders-lobby-fsa-to-get-round-mmr-advice-plan/ 1331578782 Financial News Lenders are believed to be lobbying the Financial Services Authority to exempt hundreds of their call centre staff from having to be CeMAP qualified to offer advice. The FSA’s final Mortgage Market Review consultation paper specifies that brokers and lenders will no longer be able to offer customers mortgage products on a non-advised basis. Under the proposals mortgages must be offered on either an advised basis or execution-only. Consumers can request an execution-only sale if they know precisely what they want to buy or if they are a mortgage professional or high net-worth client. However, lenders are believed to be trying to introduce a new tier into the advice process known as transacting, which they argue is not offering advice. Transacting occurs when a customer who has already taken out a mortgage wishes to make amendments to their deal, such as changing from interest-only to a repayment method, extending or shortening the term of their mortgage or remortgaging with the same lender. Robert Sinclair, director of the Association of Mortgage Intermediaries, says it seems illogical that so-called transactors would not be classed as advice givers. He says: “Such tasks are rarely execution-only as the customer arrives with a problem and the lender representative provides a solution usually through verbal interaction. “That this verbal interaction must be advice is a logical conclusion based on the new rules.” He says the issue needs to be debated before the cut-off point for submissions to the MMR on March 30. Sinclair is concerned that a debate is happening behind closed doors but says the issue needs to be discussed openly. The MMR states: “We believe that in all sales where there is spoken or other interactive dialogue between the consumer and firm, the firm should assess whether the mortgage is appropriate for the consumer ­ i.e. advise the consumer. “This will cover all forms of interactive dialogue, whether face-to-face, over the telephone or social media, or online propositions with the facility for live chats.” A spokesman for the Council of Mortgage Lenders says: “There is clearly a distinction between a customer who is changing an aspect of their mortgage and one who is applying for a new loan. “There is a case to be made that the person would not need to go through the advice process and we will be exploring this in our response to the MMR.” Here at Complete Mortgages we have a whole of market panel and provide a full advice service for all of our clients - please contact us on 0845 658 6060 / 01483 233014 for an update. Financial News Mon, 12 Mar 2012 11:59:42 -0700 http://complete-mortgages.co.uk/blog/clydesdale-and-yorkshire-increase-svr-from-4.59-to-4.95/ 1331331139 Product News Clydesdale and Yorkshire Banks have today announced a change to their Standard Variable Rate for residential mortgage customers. With effect from May 1 2012, the banks’ SVR will move from 4.59% to 4.95% - the change will affect 30,000 of its existing mortgage customers. The change will mean an average increase in repayments of less than £30 per month. This is the first change to the banks’ SVR in over three years, and the bank says it reflects the increased cost of borrowing associated with the provision of mortgages. Until July 31 2012, its standard mortgage exit administration fees will be waived for impacted customers wishing to re-mortgage to another provider. Steve Reid, retail director at the banks, says: “While our SVR will continue to remain competitively below a number of other UK mortgage providers, the market and costs associated with providing mortgages have changed significantly in the three years since the rate last moved. “We don’t take such decisions lightly and fully appreciate the impact this will have on some customers but you only have to look at the narrow gap between longer-term savings rates and mortgage borrowing rates to see how things have changed. “This change will help enable us to continue to support savers and maintain the competitiveness of our deposit rates. Our commitment to the mortgage market, including strong support for first-time buyers as one of only a handful of lenders who have consistently offered 95% LTV mortgages, remains as strong as ever.” Product News Fri, 09 Mar 2012 14:12:19 -0800 http://complete-mortgages.co.uk/blog/base-rate-held-and-no-more-qe/ 1331239545 Financial News The Bank of England’s monetary policy committee has decided to keep base rate at 0.50% for the 36th month running and decided to keep its programme of quantitative easing at £325bn. Last month, the MPC voted to increase the size of QE by £50bn to £325bn. The minutes for last month’s meeting reveal all nine MPC members voted to keep base rate at 0.50%. The minutes for this month’s meeting will be published later this month. Base rate was cut to 0.50% in March 2009, on the same day the BoE initiated a programme of QE worth £75bn. Financial News Thu, 08 Mar 2012 12:45:45 -0800 http://complete-mortgages.co.uk/blog/bank-of-ireland-increases-svr-from-2.99-to-4.49/ 1331166344 Financial News Bank of Ireland has become the latest lender to increase its standard variable rate, increasing it from 2.99% to 4.49%. Bank of Ireland has notified customers of its intention to increase the SVR on its UK residential mortgage book by 1.5%. This change will be implemented in two stages and will affect 100,000 of its customers. From June 2012, the SVR will increase by 1% from 2.99% to 3.99% and then from September 2012, the SVR will increase by a further 0.5% from 3.99%to 4.49%. The bank says the cost of funding mortgages has increased significantly for UK lenders in recent years and for this reason, it is necessary for the bank to increase its SVR. In a letter to customers, the bank says if borrowers wish to review their mortgage as a result of the increase they can contact their local broker, or alternatively, the bank has arranged for London & Country to provide them with a free no obligation mortgage review. Last week Halifax announced that it was increasing its SVR from 3.50% to 3.99% on May 1, affecting some 850,000 customers. Financial News Wed, 07 Mar 2012 16:25:44 -0800 http://complete-mortgages.co.uk/blog/has-your-lender-recently-increased-their-svr/ 1331162627 Company News You may have seen recent press articles that some lenders have increased their standard variable rate (SVR). Meaning your monthly mortgage payments would increase if you are a borrower with on SVR with these lenders. Despite the Bank of England Base Rate staying at an all-time low, your lender may have the ability to increase their SVR. While not all lenders have made an increase some lenders could make a change at any time. Lenders could also have the option of increasing the cap on how much they can increase their SVR by, so it is also worth checking your contract to see if this may apply to you. As an example if you had £100,000 left to pay on your mortgage with 15 years left on your term and experienced an increase of rate from 3.25% to 3.75%, this would equate to an increase of approximately £40 to your monthly mortgage payments. If you are on a repayment mortgage this would be higher still. It is always a good idea to keep your mortgage under review to see if you are on the best rate for your circumstances. There are many options currently on the market, including product transfers with your existing lender. These types of offer can often mean there are no upfront fees to pay. Here at Complete Mortgages we can take the hassle out of remortgaging and can help find the best deal for you. We are able to provide a full advice service and guide you through all the options available. There are many things to take into consideration when taking out a mortgage such as general insurance and protection; thankfully we all offer a full service in insurance and protection so why not contact us today? For further details or to arrange consultation please contact us on 0845 658 6060 / 01483 233014. Company News Wed, 07 Mar 2012 15:23:47 -0800 http://complete-mortgages.co.uk/blog/halifax-increases-svr-cap/ 1330453351 Product News Halifax has increased the cap on its standard variable rate from 3% above base rate to 3.75% above base for certain existing borrowers. The lender has written to 40,000 affected customers this week to inform them of the change, which will take effect from March 31. Halifax’s SVR remains at 3.50% and the change to the cap only affects borrowers who took out a mortgage before September 2007 and are on an SVR but have another part of their balance subject to an early repayment charge. A spokeswoman for Halifax says: “We have written to all affected customers to explain that from March 31 2012, we are amending the cap on the Halifax SVR from 3% above base rate to 3.75% above base rate. “This change does not affect the amount customers pay, and the SVR remains at 3.50%. We continually assess the many dynamic factors that impact mortgage pricing, and have reviewed the current cap level to ensure that it remains suitable in the current market conditions.” If you are affected by these changes please contact us on 0845 658 6060 / 01483 233014 and we will be happy to review your circumstances. Product News Tue, 28 Feb 2012 10:22:31 -0800 http://complete-mortgages.co.uk/blog/fear-of-being-sued-makes-lenders-toughen-criteria/ 1329757090 Financial News Fears that they could be sued if a borrower’s repayment vehicle fails to pay off their interest-only mortgage are behind lenders’ recent criteria changes, trade bodies have claimed. The Council of Mortgage Lenders and the Intermediary Mortgage Lenders Association are warning that proposals in the Mortgage Market Review could pave the way for lenders being sued should the repayment vehicle not cover the mortgage balance at the end of the term. The Financial Services Authority’s latest MMR paper, published in December 2011, puts the onus on lenders and says they must judge whether the repayment vehicle has the potential to repay the mortgage. John Heron, chairman of IMLA, says that if a lender is expected to check the appropriateness of a particular vehicle, it raises questions aboutwhere the responsibility lies if it fails. He adds: “If it is going to be judged in retrospect, will lenders have been expected to assess the robustness of the repayment vehicle according to information at the time or future considerations? “You can understand why lenders are likely to address this by constraining their criteria.” Meanwhile, in its latest News & Views newsletter, the CML warns: “The FSA clearly states that ‘the repayment of a mortgage is the ultimate responsibility of the borrower’. “But borrowers and the Financial Ombudsman Service will need to clearly understand that despite lenders having to assess the probability of the chosen repayment method meeting its target, borrowers, not lenders, will actually be responsible for the repayment method they choose.” Ray Boulger, senior technical manager at John Charcol, says lenders are not willing to take the risk. He says: “The MMR puts so much responsibility on lenders to ensure any investment plan will produce sufficient funds to pay off the mortgage that they are understandably not prepared to take the risk of being sued by borrowers for any shortfall.” Last week, Lloyds Banking Group announced a string of interest-only restrictions. It will no longer accept cash savings, including ISAs, as a suitable repayment vehicle. It also placed restrictions on using stocks and shares as a repayment vehicle and specified that pensions must have a minimum current value of more than £1m. This followed Santander reducing its maximum LTV for interest-only from 75% to 50% the previous week . Complete Mortgages are whole of market mortgage brokers based in Guildford, Surrey.  We have many years of experience and are equipped to deal with all types of mortgage, no matter how complex.  Please contact us on 0845 658 6060 / 01483 233014 for a consultation. Financial News Mon, 20 Feb 2012 08:58:10 -0800 http://complete-mortgages.co.uk/blog/rise-in-90-mortgages-brings-hope-for-first-time-buyers/ 1329272257 Product News There’s no doubt that the economic downturn has really hit the property market in the UK, in particular, we have seen a severe shortage of first time buyers. Why? One of the biggest reasons is that historically it was much easier to obtain a competitive 90% mortgage for first time buyers. But since the credit crunch hit the UK, the lending criteria for mortgages has made it very difficult to obtain a mortgage at all unless the buyer could provide a deposit of 25%, or more. It seems things may be changing for the better for first time buyers… Even despite the recent decision to hold interest rates at 0.50%, larger lenders have once again begun to offer 90% mortgages to first time buyers and those without substantial deposits; a sign that brings hope for anyone looking to get onto the property ladder.  We haven’t such a large number of available products since 2008, which is truly a breath of fresh air for first time buyers, and something that Complete Mortgages is very excited about. Nationwide recently extended its range of 90% mortgages making them available to more of their customers, whereas historically they were only available to existing customers. Other lenders who are employing competitive rates include NatWest, Halifax, Northern Rock and Santander. This competitive market makes it all the more important that you work with a mortgage broker who can help you determine the best product for you, Complete Mortgages can do just that. What you should know about 90% mortgages for first time buyers: - • Although there are many more products now available for first time buyers, lenders are still being very careful to consider the buyers credit history. • You will be in a better position to secure a 90% mortgage as a first time buyer if you have a good affordability profile; meaning you are employed or self-employed, without large amounts of existing debt including credit cards and loans. Many lenders also look to see that your bank account is in good shape, proving that you have managed your money well.  • Despite the fact that low rates are available for borrowers with a 10% deposit, there will likely be fees attached to most 90% mortgages that are available. So with 90% mortgages for first time buyers becoming more readily available, how will you find the right one for you? It is important to find a mortgage broker you can trust to give you mortgage advice, keep you informed of exclusive deals, and help you find the cheapest rates. If you are a first time buyer looking to secure a mortgage in Guildford or Surrey, Complete Mortgages can give you the mortgage advice you need to get you onto the ever important first rung of the property ladder. Product News Tue, 14 Feb 2012 18:17:37 -0800 http://complete-mortgages.co.uk/blog/help-for-households-inflation-falling/ 1329252285 Financial News The headline rate of inflation has dropped to its lowest level since November 2010, in a sign that the pressure on cash-strapped households has continued to ease. The consumer prices index (CPI) rate fell to 3.6% on an annual basis in January, from 4.2% in December. The performance mainly reflects last year's increase in VAT being stripped out of the calculations. The figure also remains in line with the Bank of England's forecast that inflation will average just over 3.4% in the first three months of 2012. Financial News Tue, 14 Feb 2012 12:44:45 -0800 http://complete-mortgages.co.uk/blog/mpc-votes-for-more-qe/ 1328819096 Financial News The Bank of England’s Monetary Policy Committee has voted for more quantitative easing at its February meeting. The committee has increased the size of its asset purchase programme by £50bn, taking it to a total of £325bn. It has also voted to keep the base rate on hold at its historic low of 0.50%. The MPC last increased its QE programme in October 2011, by £75bn to £275bn. Financial News Thu, 09 Feb 2012 12:24:56 -0800 http://complete-mortgages.co.uk/blog/gdp-shrank-by-0.2-in-q4/ 1327515788 Financial News The UK economy contracted by 0.2% in the final quarter of 2011, data from the Office for National Statistics reveals. The preliminary gross domestic product estimate for Q4 2011 shows that production output decreased by 1.2% in Q4, compared to an increase of 0.2% in Q3. Construction sector output fell by 0.5% in Q4 2011, compared with an increase of 0.3% in the previous quarter. Output of the service industries was unchanged in Q4 2011, following a rise of 0.7% in the previous quarter. Financial News Wed, 25 Jan 2012 10:23:08 -0800 http://complete-mortgages.co.uk/blog/uk-inflation-falls-to-4.2/ 1326825099 Financial News The UK consumer prices index has fallen to 4.2% in December, according to the Office for National Statistics. The consumer prices index is down 0.6% from 4.8% in November. The retail prices index fell to 4.8%, from 5.2% in November. The 0.6% fall in CPI marks the largest month-to-month fall since November and December 2008, the falls came from downward pressure on petrol, gas and clothing prices. RPI downward pressures came from petrol, oil & other fuels, gas, clothing and footwear. Both RPI and CPI have fallen markedly since September 2011, when RPI reached a 20-year high of 5.8%, while CPI stood at 5.6%. The Bank of England’s target rate for CPI is 2%. Last month, Bank of England executive director and chief economist Spencer Dale said inflation would fall to around 3% by March 2012. Financial News Tue, 17 Jan 2012 10:31:39 -0800 http://complete-mortgages.co.uk/blog/base-rate-kept-on-hold-and-no-more-qe1/ 1326399479 Financial News The Bank of England’s Monetary Policy Committee has today voted to keep the base rate on hold and maintain the size of the asset purchase programme. At its January meeting the MPC opted to keep the base rate at its historic low of 0.50% and quantitative easing at £275bn. In October the MPC voted unanimously to increase its quantitative easing programme by £75bn to £275bn. This programme is expected to complete in February.   Financial News Thu, 12 Jan 2012 12:17:59 -0800