The mortgage market is finally strengthening inline with the increase in quick house sale numbers and steadying of the housing market, which can only mean one thing – banks are lending again. Both Nationwide and Northern Rock have made it clear they’ll be cutting mortgage interest rates and offering higher loan-to-value borrowings. But something tells us that NR will get back to the days of +100% mortgages, especially now it’s keen to be known as a ‘Good bank’.
Following the Financial Services Authority (FSA) issuing their Mortgage Market Review Discussion Paper to lenders last month, there seems to have been an increased focus on ‘being competitive’. This would seem to go against the policy most banks have had over the last, oh say, 200 years but the Discussion Paper proposes one big thing – Regulatory Reform. The new boss would be the FSA and this new ‘customer-first’ attitude means some lenders may be looking to get on the Authority’s good side as early as possible.
Tags: fast house sale, quick house sale, Sell And Rent Back, Sell My House, Sell My House Fast