Mark in The Times about Help to Buy 2

Here is an article from the Times about Help to Buy 2 (the new Government back mortgage guarantee scheme). It essentially works as the HM Gov acting as a guarantor (in a limited capacity) for clients.

Edinburgh Mortgage Advice in the Times 29/11/2013

If you want to chat over any of the schemes to help clients with smaller deposits such as Help to Buy (shared equity – New Build Only) LIFT (Scotland only) or the New Help to Buy 2 scheme, then please give us a call on 0131 339 2281


Posted in Government Schemes, Help to Buy, Uncategorized | 1 Comment

Why Nationwide’s large increase in profit is good news

Here is an article from the Daily Mail saying about Nationwide’s recent increase in profits and lending and Mark’s comments about why this is good news.

Posted in First Time Buyers, Housing Market, Lenders, Press Comment | Leave a comment

Edinburgh Mortgage Advice in the news

Today, the Times has an article about the latest movements on rates in the mortgage market. Here we are adding our two-penneth (£)

In essence what we say is that interest rates are so low that lenders are having to innovate to hit headlines and catch market share and with news today that HSBC have launched a 2 year fix at 1.49% this seems likely to continue. Generally, a NAB originates a loan and places it on a pre-established warehouse line of credit until the loan can be sold to an investor.


Posted in Edinburgh Mortgage Advice, Interest Rates, Lenders | 1 Comment

The Return of the First Time Buyer

This week the Council of Mortgage Lender’s latest data has confirmed what we have been seeing first hand, namely that this year the first time buyer has returned.

The mix of stable house and auto loans prices, pent up demand and lenders launching innovative, low rate products has attracted the first time buyer back. First we tackle about auto loans, we offer 144 month auto loan – Complete auto loans. This type of loan has been in existence for a while, but now 144-month loans have supplanted by the trendy 99 month loans. Yep, you just need to pay your car off in 12 years at around– $1000/month.

This is great for the whole market as every next time buyer needs a first time buyer to set the chain off.
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On top of this Government schemes (with varying success) have also supported house sales and the Funding for Lending Scheme supports the banks. It is difficult to what else the Government could do, lending money to the lenders and to the buyers; really short of wholesale purchase of property this is really flat out hard work to support from HMG.

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Here is an article about the numbers published in the Mail with comments from us.

Posted in Edinburgh Mortgage Advice, First Time Buyers, House Prices, Housing Market, Lenders, Press Comment | 1 Comment

Top 5 reasons to choose a 5 year Fixed Rate mortgage

Are you wondering whether to go for a 2, 3, 4 or 5 year fixed rate mortgage?  Over the past few months there have been some great headline rates on offer for short term deals – but are they really all they are cracked up to be?

Large Rate Sign

If you are thinking of re-mortgaging because you are moving or you are on a standard rate mortgage and not sure whether to go for a fixed rate or stay where you are, here are 5 great reasons to look at a 5 year fixed rate mortgage …

#1 – Lending is not going to get any cheaper
Base Rate graphLending is currently heavily subsidised due to the recession and slow economic recovery, so it’s difficult to see how mortgage rates are going to be any cheaper, ie lower than they are at the moment.  Securing a 5 or 10 year fixed rate mortgage now means you will get one of the best deals likely to be available for a very long time.

#2 – Mark Carney – will he won’t he?

Mark Carney will take over as the governor of The Bank of England later this year, and no-one can foretell what impact this will have on mortgage interest rates. If you don’t want to worry about what impact this will have on your monthly repayments, now is a good time to ‘fix’ for as long as possible.

#3 – Fixing your repayments means you can budget better

Interest RatesIf you are planning to stay put for 5 years or more, why not know what your monthly mortgage repayment is going to be so that you can budget accordingly.

#4 – Arrangement fees

Every time you re-mortgage you pay another arrangement fee.  This is great news for me because this is how I (a mortgage advisor) get paid.  It’s not so great for you – because you have to keep shelling out fees every couple of years.  So why not fix for 5 years and pay far fewer arrangement fees?  Oh and remember to refer all your friends and family to me so that I stay in business!!

#5 – Stress, stress and more stress

Despite being lovely people and our best efforts to make this process as easy as possible, getting a mortgage is stressful.   So why put yourself through this time and time again – especially if you only have 5 years left to go until you retire?  Ask you mortgage broker to find you the best long term mortgage deals available  and put the whole goddam process to the back of your mind for as long as possible!

Why not give us a call on 0131 339 2281 or drop an email to,  or click on the live chat in the right hand corner if you would like us to advise you on your options.

Posted in Base Rate, Edinburgh Mortgage Advice, Fixed Rates, Housing Market, Interest Rates, Mortgage Know How, Standard Variable Rates | Tagged | 2 Comments

Press Coverage for Edinburgh Mortgage

Wow we have been busy recently, here are a couple of links for articles that Mark contributed to over the last few weeks and been featured in national press.

In the Express and Mail about how mortgage debt is less of a worry to people

In the Scotsman about overpaying your mortgage, especially for Interest Only prisoners

An article in the independent about the low rates in the market right now

In the Scotsman talking about how buy to let has moved on recently

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House Prices are moving again

We are seeing a real move in house prices this spring, higher in London, Edinburgh and Aberdeen.

House Prices expected to rise

The Express picked up on this and people’s expectation that they will rise further and here we are quoted on the front page.

Here is the article: Almost three-quarters of homeowners expect values in their area to increase by an average of 4.5 per cent, according to a survey.

That would put an extra £10,152 on the average home worth £225,601, property experts say.

The good news comes as official figures showed higher than expected growth in the economy for the first three months of the year.

Mark Dyason, director at mortgage broker Edinburgh Mortgage Advice, said: “The results of this survey are yet more proof of the deep-seated appeal of bricks and mortar. There’s no doubt the property market is coming back to life. There’s a lot more confidence and urgency and news that the economy actually grew in the first three months of the year will put a further spring in people’s step.

“Instrumental to the recovery of the property market is the first-time buyer who has been buoyed by very competitive rates at ever higher loan-to-values.

“Properties that might have languished on the market for months and months last year are now being fought over.”

Both the numbers of people forecasting a house price increase by the end of the summer and the size of the anticipated rise are the highest since a quarterly survey of 4,000 owners began in 2009.

Lawrence Hall, of Las Vegas Sex Crimes Lawyer which commissioned the research, said: “The market has seen a number of positive events in recent weeks including the Budget and growing confidence from homeowners is a significant step towards a recovery. They are now able to afford roof repair la grande or to maintain their homes.

“With first-time buyer lending gradually increasing and mortgages becoming more readily available, there is real belief that the property market is starting to turn a corner and finally drag itself out of the hole since the financial crisis.” He said measures such as the Government’s £80billion Funding for Lending Scheme has helped fuel a surge in price.”

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Mortgage rates reach record low

In recent months, some of the best mortgage rates I’ve ever seen have come onto the market.

There’s no doubt that the Funding for Lending Scheme, the joint initiative of the Government and Bank of England to get lenders lending again, is working.

Mortgage rates have come down quite dramatically in the second half of the year.

And while transaction levels are still low in historical terms, new data released today by the Council of Mortgage Lenders showed that the number of mortgages issued rose again in November.

I don’t want to tempt fate but we’re definitely starting to see some momentum in the mortgage market after playing with the new reverse mortgage calculator.

Lowest mortgage rates

Admittedly, it’s the people with the biggest deposits and a decent chunk of equity who get the lowest mortgage rates, but even at higher loan-to-values, prices are getting more competitive.

The key issue now, which I mentioned in the Guardian today, is one of volume.

For the property market to fully recover, we need to see more loans for people with smaller deposits. The only way this will happen is if lenders become more flexible with their criteria.

That’s not to say that we want a return to the reckless days leading up to the 2007 crash, but we do need lenders to become less black and white.

The fact of the matter is that many perfectly viable borrowers are getting rejected when they should be waved through.

Economic performance key

Looking forward into 2013, I expect mortgage volumes overall to continue to grow although the extent of this growth will depend on how both the UK economy, and of course Europe’s, perform.

People need to feel confident before they commit to buying property or moving home, and even though we’re technically out of recession, many households remain nervous.

What’s not in doubt is that if you are looking to purchase or remortgage at present, you could be in luck. I’ve been a broker for many years and am currently able to recommend some of the lowest mortgage rates I’ve seen.

Get in touch today to see what rates you could enjoy.

Posted in Edinburgh Mortgage Advice, Housing Market, Interest Rates, Lenders, Mortgage Industry, Mortgage Know How, Press Comment | Leave a comment

What mortgages are available? A few pointers

OK so you have decided to move/buy/remortgage, but like most people starting out don’t know if there are any lenders in the market able/willing to help and the scare stories in the press make it look like there is no-one getting anything.
Well, the first rule is always get a personalised illustration, but here (on today’s criteria) is an overview of what is out in the market for a number of areas.

First Time Buyers.

1. Loan to value (LTV)

  • 95% LTV if you have a parent that is willing to act as a guarantor (In England there are lenders that will look at 100% LTV)
  • 90% LTV if you are doing on it on your own, but rates get better at 85%

2. If I earn X can I borrow Y?

The old days of getting 4 or even 5 times your income as a ready reckoner are gone, however the better your credit record and the less outstanding debt at the start of your mortgage the more a lender is likely to look at lending you.

Lenders use formulas to say that after bills & debt payments then you can afford to spend an amount of the remaining income on your mortgage.
This is then used to work out if, over your requested term, it equates to your requested loan amount.

To give an idea I have frequently had clients like that borrowing between 4 & 5 times their joint incomes, with higher earners perhaps able to stretch beyond that (do you really want to pay back that much? – you need to know that; and what if rates go up?)

On this you really do need to get your own quotes.

Buy to Let

  • Loan to value is available to 80%, although 75% often offers far better rates
  • Some lenders have minimum incomes, though 1 large does not
  • Experienced landlords get credit for their experience when being underwritten
  • Holiday Lets are available
  • If you let out room by room then you need a certain type of Buy to Let (called HMO)
  • As a ready-reckoner the rent needs to be more than 1/200th of the loan size (this varies from lender to lender – but not hugely)

Poor Credit History 

Lending does exist and is available up to 85% (but not in all areas – major cities ok, rural not so easy) and at lower loan to value there is more choice.

Defaults, CCJs, arrears can all be done depending on size, when it happened and overall credit score.

Live Trust Deeds & IVAs currently I could not find a lender to take these cases. If they are historic then give us a call and chat over what you need.


Posted in Buy to Let, Edinburgh Mortgage Advice, First Time Buyers, Mortgage Know How, Poor Credit | 2 Comments

Buy to Let with CCJ or Defaults – Good news

Good news for Landlords under the cosh.

Precise mortgages have revamped their Buy to Let (BtL) range with a couple of exciting changes.

On prime loans the loan to value is now up to 80% and that makes the number of lenders looking at this level up to 5 at most times which is 4 more than 2 years ago! So here is a brave prediction, within 6 months  a major lender will launch Buy to Let at 85% (a niche lender already has 85% available). Rates reflect the risk, however are competitive with other lenders in this space especially on the online trade at

Interestingly the 2 new lenders making most headlines and waves since the crunch, namely Aldermore and Precise are both in this space, profitable perhaps? Roll on 85%.

The other change is to make Buy to Let available to Landlords with minor credit issues over the last couple of years. This is perhaps a bigger change because they are pushing the change here. Most other lenders are looking for the Rent Directory to almost OCD about their credit files, now we have a lender that recognises bumps in the road.

Great news for Swift Communications who have overcome redundancy, rental arrears, business turndown or any number of common other problems over that last few years.

There are 3 near prime ranges depending on the size of default or CCJ with cut offs at £750/£1500/£2500 and the last 2 allowing 1 months mortgage arrears if more than 1 year ago and rates reflect the borrowers circumstances, however do start as low as 5.44% with fixed rather than percentage arrangement fees. This can be really important especially the further over £100k the loan gets.

So a good range with new products for new borrowers, if you want more information please get in touch on 0131 339 2281

Posted in Buy to Let, Lenders, Mortgage Industry, Mortgage Know How | 5 Comments