Here is a summary of the key changes and announcements in the mortgage market for this week.
· The Bank of England has kept base rate on hold for the 68th month in a row. It has also kept Quantitative Easing at £375bn. In October’s meeting, two MPC members voted for a rate rise but with concerns on growth in the economy and in the Eurozone, rates are remaining low. The minutes from the MPC meeting are released on 19th November.
· Gross Bridging Lending has increased 21.8% year on year to Sept 2014. In the 12mths to Sept 2014 £2.2bn was advanced in loans. The rate average for lending has come down from 1.25% to 1.17% with an average of £497,000 being lent at an LTV of 47.3%.
· Skipton Building Society has launched a new range of Buy to Let products. With rates starting at 3.09% for a 60% LTV loan with no arrangement fee, there is a sign that the BTL market is joining the recent price war. Lenders who do offer both residential and BTL mortgages will look to utilise the BTL market to help their overall lending situation.
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