After a review by the Alliance and Leicester they have found that over three quarters of mortgage brokers see their role as more advisory than ever before, feeling also that this will become even more so for the rest of the year.
The concensus of opinion from the brokers is that a lack of confidence in the housing market is the main reason for customers seeking advice. Alliance and Leicester mortgage customers are grateful for brokers advice on this and also views on the economy generally, the second key area where brokers are finding requesting for information and advice.
The director of Alliance and Leicester mortgages explained that choosing the right mortgage for the economic conditions is vitally important now so being able to ask the advice of experts is a great benefit for customers.
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New mortgage customers at the Halifax will have to pay a little more for their home loans from today if they are taking out a tracker or fixed rate mortgage product.
The Halifax tracker mortgage rate goes up to 6.29 percent from 5.99, which is 1.29 percent above the base rate set by the Bank of England. Meanwhile the three year fixed rate mortgage offer rises to 6.44 percent, up from 6.22. A Halifax spokesman clarified that the increases will apply to just 5 of the 32 different tracker mortgages they offer and 19 of the 31 different fixed rate mortgages provided.
In that context then there are still many opportunities to avoid paying the extra interest, though of course the Halifax mortgage products that have been selected are the ones that will be the most popular.
The largest lender in the UK, the Halifax, is cutting some of its mortgage interest rates for new customers as of today. This is the third mortgage rate cut the Halifax has announced this month.
Sixteen different mortgage deals will see cuts to their rates, with some being reduced by up to 0.3 percent, helping new mortgage customers get into a property by reducing their monthly repayments. A Halifax spokesman explained that they were keeping up with recent changes in interest rates by other lenders, ensuring they are competitive. 2 year fixed rate mortgage rates for example were unchanged since they had been reduced only a week ago.
In a market where property sales are down by about half compared with last year and mortgage approvals are down by over two thirds it remains to be seen whether these changes will significantly impact on the housing market, though the Halifax will surely be hoping it does.
