Banks Begin To Offer Reduction In Mortgage Rates

Mortgage rates have dropped over the past couple of months with banks such as HSBC offering interest rates as low as 2.99% with a 20% deposit. Homeowners now have the opportunity to remortgage their property provided they have sufficient income to satisfy the bank’s criteria.  Many homeowners are taking advantage of this under the current economic climate as it is beneficial to pay down your debt or reduce your mortgage interest during this period of low returns on capital. 

Mortgage arrangement fees however are at an all time high and buyers will need to watch out for this. New buyers in particular will find it difficult to raise the required deposit after having factored in the increased arrangement fee and associated costs. 

The UK Housing market continued to slump in August due to low activity during the Olympic Games. House prices fell in all regions except Central London as the recession continues to bite. 

Self employed businessmen and contractors will require up to date accounts and confirmation of earnings over the past 2 years together with a projection in order to apply for most mortgages. Belsize Accountancy are qualified to provide an accountant’s certificate for our clients and provide assistance in liaising with the banks. Feel free to contact us for a quotation.