Here is a summary of the key changes and announcements in the mortgage market for this week: 

• Metro Bank have reduced rates by up to 0.6% across residential and buy to let ranges. As a new addition to the mortgage market, the bank is looking to increase its market share year on year and the highlight rate of the reductions is a 2yr fixed at 2.39% with 30% deposit. This is on a residential basis. For BTLs, Metro now have a 5yr fixed rate at 3.99% at 65% loan to value.
• In a further change to Buy to Let criteria, NatWest has introduced a Loan to Income cap on Buy to Let mortgages. This means that the maximum that NatWest will lend on a BTL basis, will be 4.99 times the client’s income. Rental cover will also still be applied to their mortgage applications. This move is another way of regionalising the banks’ lending, as with property prices and loan sizes in London and the South East higher than the national average, the affect will be felt most in the capital.
• Despite “noises” of pending rate rises, the Bank of England decided to keep base rate at 0.5% for the 64^th consecutive month. With unemployment figures falling further but also inflation below the 2% target at 1.5%, there is still more tie for the BoE to hold base rate. Added to a strong Pound in the currency markets, then there may not be a change coming in 2014.
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If you are looking for further information on mortgages or looking to buy a property online, do contact us and we will put you in touch with our mortgage brokers, who are on hand to visit you at home or work: 0333 4441 007.