Mortgages Uncovered

Following on from our earlier article about Scottish Widows withdrawing several of their mortgages, two more lenders have now followed suit.

Bath Building Society and Earl Shilton Building Society have withdrawn ALL their mortgages except for the Standard Variable Rate, which regular readers of this site will know we do not recommend anyone be on that!

Bath BS says it has simply run out of lending money!

Other small building societies have taken similar measures with Newbury, Melton Mowbray and Tipton & Coseley Building Societies now restricting their mortgages to their local markets only and some have removed themselves from the intermediary market.

This is a very worrying trend – it restricts the supply of mortgages whilst demand is still relatively high, meaning that we can probably expect the cost of mortgages to increase and become less competitive.  That includes arrangement fees as well as interest rates.

My recommendation?  Remortgage as quickly as you can and if you’re considering buying a house right now, think carefully, I reckon the house price would have to be really good for me to enter the market as a first time buyer at the minute

More mortgage information:
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