10:07 AM, 26th March 2012, About 10 years ago
Hi it’s me for my sins
I started my career in banking in 1990 (when I was 8!) and on to the mortgage desk in the pre regulation days. Then on to a Building Society to become a branch and business development manager, and that’s where I came across a specialist Buy to Let brokerage called The Money Centre. At the time The Money Centre was one of the fastest growing businesses in the country and I likened it affectionately to a Black Hole eventually getting sucked in and becoming an Associate Partner. I then went on to be Head of Operations taking in training, quality control, project management and compliance along the way before making myself redundant and becoming a partner in Property118.
Having helped thousands of landlords to build their portfolios and with my operational experience it was inevitable that I would take on the responsibility of updating a mortgage sourcing system amongst many other things.
Everyone in the office knows to leave me alone on days when all the lenders follow each other re-pricing products, or come up with new and interesting criteria as a direct challenge to the system.
One question I’m often asked is whether or not to take a fixed rate, and I’ve written separate blog to start you thinking about that very question – click here to view.
The other question I’m often asked is what’s the best deal?
Now I really can’t answer that one as it always depends on individual circumstances and requirements. However, the mortgage market is a very mature market with carefully priced products which I liken to a set of scales. If you get given something in one hand it is always taken away in another e.g. low rate with high fees and a short term. Most people still ask what the lowest headline rates are though.
The lowest fixed rate on our system today is 3.49%.
The lowest variable rate is 2.94%.
The highest LTV product is 85% semi exclusive from Kent Reliance.
The Mortgage works seems to be targeting higher loan to values with a reduction in the cost of their 80% products.
Whenever we have a shift in products or criteria I will provide commentary so please watch out for my updates if this type of information interests you.
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