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Aldermore announces new commercial mortgage portal

[ Posted March 30th, 2012 ]

Aldermore Commercial Mortgages, a major banking provider for commercial and development mortgages, has announced the launch of a new online portal that will allow commercial mortgage advisors to make inquiries about loans 24/7.  Managing director for Aldermore, Rob Lankey stated that the new portal titled the Acumen portal was designed to let brokers look up information or start a formal inquiry at any time of the day or week.  The website will also allow them to upload documentation for contractual purpose and obtain a decision immediately that can be in turn given to clients.

In order to use the new commercial mortgage portal, brokers or intermediaries need to be approved members of the Aldermore broker panel.  Lankey explained that the new system allows a broker to place an inquiry using the online database at which point the Acumen system will then begin a credit search, check the age and ID of the applicant, and then perform industry and service checks.  If the system finds that everything is correctly entered and in order it will offer a price for the loan to customers and create a terms document that can be downloaded.

At this point applicants will have the actual terms of the agreement in their hands to review and the mortgage rate offer to peruse.  This allows applicants to choose if they want to continue to the final application stage and actually take out the loan under the current guidelines and conditions.  Lankey went on to explain that Acumen is primarily aimed at brokers that handle commercial mortgage inquires on a daily basis to help expedite the process.  He added that brokers should be able to identify if it will be a simple or complicated mortgage application and choose to make an in house application appointment if the situation calls for it.

In the case that an application may be complicated it will be handled in-house in the same fashion that Aldermore has always met with brokers with the aid of a lending manager from the bank.  Of course, the overall appeal of the Acumen online portal is that for the many less complicate applications brokers can expedite the entire mortgage process making it easier for them to complete their job for clients and allowing more clients to be satisfied with both their brokerage and banking services.

Buy to let mortgage requests flooding lenders

[ Posted March 16th, 2012 ]

As funding issues are becoming a major problem for many lenders, banks are increasing their rates in order to address the lack of funds.  One of the reasons that lenders are feeling overwhelmed by funding requests are the low buy to let mortgage rates that are out there on the market.  Buy to let lenders are taking out a great deal of the lending funds that are available for the banks to utilize because leaving very little for other forms of lending.  In fact the increase in lending to landlords is at one of the highest peaks of the last decade.

The result of the lending crunch is that now landlords are finding it hard to find great deals on their buy to let mortgage rates because lenders are increasing their rates in order to cope with the sudden demand for a limited amount of cash.  This is also having a negative effect on those seeking a normal home mortgage, because landlords are quickly snatching up the available lending funds.  The increase in renters has only made the market more desirable for landlords and it does not seem like there will be a shift anytime soon as mortgage rates continue to increase and lock out many new homebuyers.

One of the major problems is that building society lenders and larger banks have taken their best mortgage rates off the market because there is not enough money in the wholesale markets to fund the deals.  New regulations put in place also restrict the amount of money that banks can place in hold therefore compounding the issue even more.  This forced borrowers to head to other alternative lenders such as the Skipton Building Society and Accord as they were able to offer better LTVs and rates.

This created a problem as they also did not have enough funding and the amount of applications they received was too much for Skipton’s underwriters, forcing the managers to close the banking business until they could catch up with the backlog.  Of course, anxious landlords then turned to smaller lenders with the same results forcing affordable lending deals off the table as companies are unable to catch up with the sudden influx in demand.  Although some of these building societies will return, it is highly unlikely that they will do so with reasonable rates making it even harder to get a standard mortgage at a good price.

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Legal & General Mortgage Club offers new buy to let mortgage rates

[ Posted March 8th, 2012 ]

Although the general concern in the property market is that mortgage rates are increasing, for those who are still looking to invest in property a new set of deals from Legal & General Mortgage Club, that are sponsored via Platform, may be the solution. The new deals are designed for those looking for a variety of buy to let products and start as low as 3.69% with an LTV of 60%-75% attached. As the mortgage rates attached to most loans are expected to continue to increase now may be the time to take a look at the offerings.

One unique thing about the buy to let deals from Legal & General Mortgage Club is that they are all fixed mortgages which can be a nice way to fix expenses over the next two years.  The lowest rate available as mentioned is 3.69% for those that can afford a 60% LTV.  From there they slowly creep upwards for those who may need a loan that comes with a small upfront investment ending at 4.69% for a 75% LTV.

In the middle for those who may be able to afford a smaller LTV there is a 65% LTV that comes at the rate of 4.09% and a 70% LTV that comes with a 4.29% rate. All of the buy to let mortgage rates come with the added administration fee set at £89 that is not refundable, an arrangement fee of £2450, and are set for two years.

In addition, free standard legal service and valuation is offered to customers that are considering remortgaging their properties. The head of mortgage products for L&G stated that the products all come with a flat fee with aggressive pricing in place to encourage the growing buy to let market, and Platform and L&G are working together to help satisfy the demand.

Product marketing manager for Platform, Nick Allen stated that the aim of the company is to increase lending for those that want to invest in the buy to let sector. By the end of the year they hope to have increased their lending by about a third to help match the demand that a great deal of brokers are seeing. Allen added that they will continue to offer products that they believe will be popular for use with other intermediaries. aims to provide every client with cheap, affordable and best mortgage loans in the UK market, however the actual mortgage rate available will depend on client's financial circumstances and credit history. Although, has made every effort to ensure that the mortgage rates listed are correct, it bears no responsibility in case of an error. 
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