C&F Mortgages

16/12/2022

Big fluctuations in house prices and from Halifax this December

So, the Halifax Bank has been busy these last two weeks.

A fortnight ago, the lender released its November House Pricing Index.

The standout figure here was that house price rises dropped by the most significant annual margin (-3.5%) since October 2008, when we were in the grip of global recession, post-economic crises.

Then, last week, the lender lopped great chunks off specific 5-year fixed-rate interest rates.

Isn't it odd that the lender would be so benevolent BEFORE the Bank of England's base rate hike on Thursday?

No, not if you look at what's happening in the background.

For one, Halifax wants to agitate the apathetic .

For two, many lenders have come under fire for their somewhat top-heavy mortgage rates since the Truss/Kwarteng fiasco.

But let's be clear before we all go raising our glasses: with the BoE base rate now standing at 3.50%, we won't see the historic sub-1% (or even sub-2%) lows that we saw when the base rate stood at 0.1%.

The lowest rate I saw Halifax offer (4.5% for a 5-year fixed deal with a 40% deposit) is a long way from the 6%-tickling rates we've seen recently, though.

So, anyone coming off their existing deal will still see a rise in their repayments.

But that high isn't as bad as it would have been had they acted in October (something we advised our clients to avoid, even if it meant us having a lean month).

Nor, historically, is 4.5% that high a rate; it's just that since the 2007/08 economic collapse, the low rates we've enjoyed have proven unsustainable over the long term.

But, yes: Halifax's recent House Price Index does have consequences for homeowners and the housing market.

On the plus side, it's also reduced mortgage rates with deposit requirements from 5%-10% upwards.

For our full overview, including more examples of 's new rates, head on over to the blog:

Seeing house prices slump, Halifax then cuts rates, too

19/01/2022

*STOP PRESS*
Freelancer Financials has been nominated for "Best Specialist Broker/Distributor" in the .

You can vote direct, here: https://www.mortgagestrategyawards.co.uk/msa/en/page/industry-vote or visit the post below to learn more!

Wow! We're chuffed!

Why? We've been nominated for “Best Specialist Broker/Distributor” in the prestigious Mortgage Strategy Awards 2022.

We're asking for a moment of our peers' time to vote for us in a category that we've helped develop more than any other contractor mortgage provider over the last (almost) two decades.

The voting is ONLY open to members of the mortgage and mortgage marketing industry:

» mortgage lenders,
» conveyancers,
» estate agents,
» IT/infrastructure,
» Life/Pension Product Provider,
» compliance,
» underwriters,
» advisors and brokers, etc.

If that’s you (or if it isn’t but you think it ought to be), grand!

It would mean the world to us if you'd lend us your support to help us to a hat-trick of wins during these past turbulent two years (Contracting Awards 2020, Next Intelligence 2021).

Don't know who we are or why you should vote for us?

We've outlined what we've achieved, as well as provided links to cast your vote, in this short blog post: https://www.freelancerfinancials.co.uk/blog/mortgages/mortgage-strategy-awards-2022-vote-now/

We're keeping our fingers crossed, so many thanks in advance!

09/11/2021

So why are rates rising, despite static BoE base rate?

06/10/2021

The trend of lenders cutting interest shows no sign of slowing down.

In the second half of September, Accord, Metro Bank and NatWest all took the fight to other dimensions.

ACCORD MORTGAGES

Accord has taken on lower deposit mortgages, both purchases and remortgages.

For a 5-yr fixed and 20% deposit, you can get 1.80%.

For the same term with 15% deposit, you can get 2.17%.

And for just 10% deposit, Accord offers 3-yr fixed at 2.43%.

CLYDESDALE BANK

favourite Clydesdale follows Accord and Metro Bank in dropping the minimum deposit for new builds to 10%.

This could be down to recent figures showing a fall-off in buyer numbers for new build properties.

In Jan-Jun 2020, 32,453 new builds were sold. For the same period this year, that figure plummeted to just 2,605.

Lenders must be crying out for Government help to turn that figure around.

NATWEST

And, lastly, NatWest has dropped rates across the board.

New NatWest customers can get (for purchases) below 1.91% for 2- and 5-yr fixed rates with 20% deposit.

For their existing customers, NatWest is offering a 2-yr fixed at 2.33% (purchase) with just 10% deposit.

There really is a deal for everyone in the current 'race to the bottom'. The market can't really go down much further…

…can it?

Or can you afford to wait until rates rise again?

https://www.freelancerfinancials.co.uk/blog/mortgages/accord-metro-natwest-smash-rates/

n.b. some of these deals are intermediary-only, which means you can only access them through appointed brokers (like us).

Accord, Metro Bank and Natwest heat up property market

04/06/2021

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• 1.01%, 0-60% LTV;

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2-Year Fixed, Repayment (only) deals:

• 1.82%, 75-80% LTV;

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5-Yr Fixed, Repayment & Interest Only:

• 1.17%, 0-60% LTV;

• 1.50%, 60-75% LTV;

• 1.76%, 60-75% LTV [£0 fee!].

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5-Yr Fixed, Repayment only deals:

• 2.10%, 75-80% LTV;

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• 2.79%, 80-85% LTV [£0 fee!].

Call us today!

15% deposit upwards, starting from 1.01% (@ >=60% LTV)

04/06/2021

The market continues to surprise us, post-lockdown (nearly).

5% deposit mortgages are back, with a vengeance.

House prices are rocketing. Interest rates remain competitive. And there's the rush for the end of the Stamp Duty holiday to come, yet, at the end of June.

In addition, the working populace has created the , as they look to leave the city behind and head for the… …leafy lanes of suburbia.

Has much changed for contractors and freelancers in this tumultuous exodus? How I wish I could say yes…

What can contractors and freelancers do to muscle in on the action?

29/05/2021

Only new criteria—yours as the buyer, and from lenders—can define 'value'.

11/01/2021

Lockdown 3.0 and Mortgages: the Skinny

People in the process of buying their homes shouldn’t panic now that we’re in lockdown (again).

This time, the banks are prepared, and the Government has declared that activities related to buying a home are valid excuses for breaking the lockdown curfew.

This third lockdown may even provide a scenario where it’s advantageous for homebuyers, movers and people remortgaging to seal the deal.

Find out why in this public post I’ve circulated on LinkedIn: https://www.linkedin.com/pulse/how-new-lockdown-affect-mortgage-availability-john-yerou

So, we're in our third lockdown. That we're here again won't surprise anyone, but new restrictions will raise questions: How can we best provide for our kids? What are the home-schooling requirements? Will I get paid if I can't work? Will this lockdown be worse than the first? From o...

03/09/2020

What the falling axe on mortgage payment holidays means for contractors

In this new article published on Contractor UK Limited, I delve into the possible bumps and crashes that could befall and freelancer after October 31st.

It's written with a certain levity, but don't let that detract from the issues that come into force in less than two months’ time. I'm saying this now to give you time to prepare.

Halloween: traditionally the scariest night of the year.

But this year, it's what will follow that will put the frighteners up us; in short:
• ends (ON the 31st)
• Credit files will update to reflect mortgage ;
• Repossessions can commence;
• Furlough scheme (CJRS) ends (ON the 31st);
• Major job losses expected;
• Brexit deal, with contractor-friendly clauses, looking less likely with EU.

Who needs Stephen King or Ramsey Campbell when you have all that about to haunt us?

To stand a ghost of a chance of retaining your sanity, do exorcise the issues above (if applicable) before they become issues for you.

I know: the contractor community is generally savvy with .

But don't let this sneak up on you unawares; it needn't be the final nail in the coffin if you act now!

Official support for homeowners runs out on Oct 31, the most frightening day in the calendar – this year more than most.

21/08/2020

The Death Knell For Self-Cert Mortgages

The Financial Services Authority (now the FCA) quashed self-cert in 2009. But Google ‘self-cert mortgages’ and you’ll still get pages of websites offering them.

Why neither the FCA nor Google are working to stop this unscrupulous advertising is beyond me. Even back then, self-cert mortgages earned the term “liar loans”, so why persist?

Here's what the official Responsible Lending Guidelines spell out in black and white:

"Creditworthiness assessment (FCA):

"A firm must undertake a reasonable assessment of the creditworthiness of a customer before:

• entering into a regulated credit agreement; or

• significantly increasing the amount of credit provided under a regulated credit agreement; or

• significantly increasing a credit limit for running-account credit under a regulated credit agreement."

You see. Self-cert mortgages today are tantamount to a scam, bait to get you to a website!

Once there, they will offer you something. But it's obvious they won't understand why you needed a self-cert equivalent in the first place!

Here's what you should do, instead:

Self-Employed workers' options now that self-cert's gone

21/08/2020

(Another) Update on COVID-19's Legacy to Mortgage Lending

We're midway through August and mortgage lenders are still lurching for one stance to the next.

Today, 10% deposits are good. Tomorrow, you can't even get a mortgage with a 15% deposit.

And so it's been since the government untethered the industry in early June.

But now, we're beginning to see patterns that could shape the future of mortgage lending.

First, there's lenders' reprioritisation of risk.

One example is the change from "How much do you earn?" to "In which industry do you work?"

Then, there's the 'mortgage payment holiday' criterion. It may not show as a black mark on your credit file per se.

But lenders are concerned that you took one. Moreover, if you're still working in the industry that necessitated the break, or even furlough.

There are also signs that lenders aren't extending the x4½ or x5 affordability multipliers. Nationwide, for one, has halved the figure it uses for affordability.

I know many freelancers and contractors have questions. You'd be daft if you didn't.

But we do know the boat you're in. All our brokers are self-employed. We know what you're going through.

So, if you just want a chat—specific or in general—pick up the phone. Remember, it's good to talk!

Tread carefully, and with a guiding hand; it's the safest option