MORTGAGE & CONVEYANCING news Mortgage update CONVEYANCING First UK law firms secure quality mark T INDEX 39 per cent rise in mortgage applications A
ccording to the latest National Mortgage Index compiled by Mortgage Advice Bureau, mortgage
applications were up 39 per cent in February compared to January and nine per cent higher than February 2010. Fixed rates are again the product of
choice, with 79 per cent of applications in February being for fixed rate deals. The average loan size was £123,508 compared to £128,887 in January, a drop of four per cent, while the average age of a mortgage applicant was 37 years three months. 84 per cent of applicants in the North
West chose fixed rate deals, compared to 60 per cent of applicants in London and 70 per cent in Wales. Average loan size (excluding London)
was highest in the South East at £165,183 and lowest in the North at £86,584. In London, the average loan size was £255,244 compared to £304,377 in January. Average LTVs were highest in Yorkshire
& Humber (74.9 per cent) and lowest in East Anglia (67 per cent). The oldest mortgage applicants in
February were in the South West, averaging 40 years 3 months, while the youngest were in Yorkshire & Humber and North West, averaging 35 years 9 months.
42 APRIL 2011 PROPERTYdrum Brian Murphy Brian Murphy, head of lending at MAB
said, “We saw a marked increase in overall activity in February. In a ‘normally functioning market’ we would expect to see borrower activity rising month on month during the first half of the calendar year, before plateauing in mid summer. Over the past 12 to 24 months the market has been anything but ‘normally functioning’, so it’s mildly encouraging to see market activity appear to be following a more historic pattern, albeit at significantly lower volumes. “Continued media speculation around
interest rates is prompting more borrowers to look for fixed rates so it was no surprise to see the percentage of fixed rate versus variable rate deals top the level in January. “It is worth noting
that mortgage deals are on the rise with more than two and a half times the number available in February 2009. There is a definite uplift in lender appetite with more products available at higher loan to values.”
www.mortgageadvicebureau.com
he first legal practices in England and Wales to secure membership to the Law Society’s Conveyancing Quality Scheme practice standard have been
announced. Martin Elliott & Co Solicitors, Boys & Maughan, Hamers Solicitors LLP and PCM Solicitors LLP have obtained CQS status since the scheme opened for applications in January. The practices underwent rigorous assessment by the Law Society in order to secure CQS status. Law Society President Linda Lee said the
CQS award was recognition for their high standards in residential conveyancing. “These first practices are the flag bearers of the CQS and this recognition of the quality of their service begins a new chapter in the home buying process. In a crowded
legal providers. We want to be able to compete in this new market by offering customers, old and new, a cost effective quality conveyancing service. This accreditation will help us do so.” Martin Elliott of Martin Elliott & Co
conveyancing market, CQS accreditation will be clearly visible to buyers. For what is the most expensive purchase of anyone’s lifetime, it is vital that they can rely on the quality service provision of CQS.” Jim Wyatt, Partner at Hamers Solicitors
LLP says, “As the legal services market place opens up yet further in October customers will have a greater choice of
Solicitors adds, “The CQS emphasis on client care and the Client Charter will help us to continue to improve the conveyancing service that we provide. CQS will encourage the drive to e-Conveyancing and will encourage the standardisation of documents and procedures by use of the New Conveyancing Protocol – these will help us improve efficiency and speed of service without compromising professional standards. This can only be good for the consumer.”
www.lawsociety.org.uk/ productsandservices/accreditation/
BRIDGING
First 4 Bridging launch new product
I
n a major boost for borrowerstrying to invest in property,
London-based master broker, First 4 Bridging, has
announced that it is offering a first charge product of 0.99 per cent per month up to an impressive 70 per cent LTV. The minimum loan amount on the six-
month term product, exclusive to First 4 Bridging, is £100,000. Both UK limited and overseas companies may apply and the rate is available on residential investment properties. A clean credit history is required. Yousouf Roze, Director, said, “We are
thrilled to be able to offer this new product to our introducers and their clients. There may be similar rates on the market but not up to 70 per cent LTV. The strength of this new product reflects the degree of competition among the lenders at present and the rude health that the bridging sector is in. As ever, we can give decisions in principle almost immediately while brokers can track the progress of their cases in real time through our website.”
www.first4bridging.co.uk
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