News!!
Three month Libor 1.59% .at 07/04/09
UK Bank Base Rate 0.5%. at 07/04/09
Lenders are implementing Collars (rates can not fall below this rate)
Nationwide move collar to 1% for new customers
Some lenders closed to new business until 2010 or 2011
Trackers are scarce and margins over bank base are increasing
Not many variable rates are competitive
Some lenders are credit scoring on buy to let mortgage applications
Over 32 buy to let lenders have either closed to new business or have been forced to close down altogether
25% deposits needed on buy to let
First time buyers starting to come into the market
Lenders will allow parents to assist first time buyers where income is short
Some lenders have started taking parents equity on their home as deposit for first time buyers allowing 100%
