Mortgage Lenders

The Swift Group has revealed that for the second time in succession, it will not follow the bank base rate rise with an immediate increase in rates.  This decision applies to new business for both its first and second mortgages. Including the latest increase and the rise of 0.25% in August, meaning it will have absorbed the full 0.50% increase themselves. John Webster, chief executive of Swift Group, says: “In some cases there were occurrences whereby lenders used the base rate rise as an opportunity to make increases that were greater than the rise made by the Bank. “We made the decision to hold our rates for the benefit of introducers and their customers and I’m pleased to announce that once again this is the case. Until February next year, intermediaries recommending products from Swift will have the reassurance of consistent rates and reliable pricing to provide to customers. We believe that this decision will help intermediaries with their sales process.”

Woolwich is to introduce a product that is a combination of fixed rate and lifetime tracker. The mortgage is fixed for the first two years at 5.19% and then reverts to a lifetime tracker at 0.19% above base rate safeguarding consumers against further interest rate rises. There are no early repayment charges after the initial two-year fix. This is the only short term fixed rate on the market that reverts to such a low rate after the fixed period. Andy Gray, head of mortgages for Woolwich, says: “This new product allows borrowers, nervous about short term interest rate movements, to fix now to cover any short term hikes but then have the advantage of switching to a market leading lifetime tracker in two years which could have the advantage of tracking rates down if the interest rate situation takes a turn for the better.”

Advantage, a Morgan Stanley Group company, has launched Rapidremo, a legal service that speeds up the offer to completion stage. Exclusively available on all ADV adverse credit remortgages in England and Wales, the Rapidremo option could allow completions within 48 hours. The key to exciting legal service, which includes free legals when Advantage’s panel solicitor is used, is that the conveyancing work begins at the initial underwriting stage and not at the traditional mortgage stage. The free legals only apply to standard conveyancing work and does not include disbursements. Keith Dearling, managing director of Advantage, says: “This is another example of our ability and desire to innovate in the mortgage sector.