Something of a rarity these days is news that a lender has reduced their rates. And at the weekend BM Solutions did just that (What, didn’t you see our rate alert?).
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The actual reason for this rate reduction is a little confusing - well it is for me anyway. BM are one of the few 75% buy to let lenders around and therefore do not need to try for market share at the moment. Dropping their rates will hardly affect their volumes (their credit scoring will make sure of that); however, it is a good sign that they are still committed to the buy to let market.
Mortgage Lending still increasing
Even more good news from the Council of Mortgage Lenders that gross lending was 26% higher in July than in June. Keep it coming.
New lenders? Rumours emerge
Over the last couple of weeks there have been rumours in the mortgage trade press of 3 big lenders considering a return to the UK mortgage market. Kensington is one of the names being written about. Let’s hope its sooner rather than later, as we definitely need some competition in the market – although I wouldn’t expect a Kensington 90% buy to let mortgage returning quite yet! The significance of any new mainstream lender would have very positive effect on the confidence of both buyers and sellers, and crucially it could lead the way for others. Watch this space.
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