Mortgage and Insurance Blog

Date - 02nd June 2021

Written by Richard Johnson

 

Hello again readers,

I hope you are all keeping safe and well and If you need any assistance with your mortgage finance or insurance needs, please feel free to email / call me and I will be happy to help.

It has been a busy week in the interest rate world with Foundation, Accord, Chorley, Leeds, Beverley, Tipton, Saffron, Furness, Loughborough and Paragon all announcing changes.

The average rate for a two-year fix nudged upwards slightly from 2.58% to 2.59% this week, Moneyfacts data shows, while the average three-year fix saw a stronger increase from 2.77% to 2.79%.  The average five-year fix remained at 2.81% and the average 10-year fix also stayed still, at 2.98%.

 

In criteria news, Paragon is re-entering the holiday let and short-term finance markets.

Two similar changes with Kent Reliance now lending to landlords that have set up limited liability partnerships and Fleet Mortgages has expanded its lending criteria and to cover loans to limited liability partnerships.

And another two similar changes, Harpenden Building Society has brought out a new joint borrower sole proprietor (JBSP) mortgage and Loughborough Building Society has added a joint borrower sole proprietor mortgage to its Family Assist range.

 

 In wider news, Annual house price growth reached its highest level for nearly seven years in May at 10.9%, according to the latest index from Nationwide. Average prices across the UK hit a new record of £242,832 – up £23,930 over the past twelve months.

Month-on-month prices grew by 1.8%, down slightly from 2.3% in April.

Nationwide chief economist Robert Gardener says: “The market has seen a complete turnaround over the past twelve months. 

 

In Insurance news, Holloway Friendly paid out £3.4 million for income protection claims received during 2020, a year-on-year increase of £1m compared to the previous year. The mutual paid out on 98% of claims, excluding non-disclosure, last year. Including cases of non-disclosure, 89% of all claims were paid.

The most common reasons for a claim were accident and injury (27%), musculoskeletal (19%), mental health (10%), joints and tendons (6%) and surgical procedures (6%). 

Stuart Tragheim, chief executive of Holloway Friendly, commented: "Figures like these give our members and others looking to buy income protection confidence in their purchases. Knowing they'll be helped when they really need it.”

.

I hope you found this post of interest and feel free to get in touch with me if you need any help with your mortgage or insurance needs,

All the very best,

 

Richard Johnson

Cert CII (MP), CeCM, AdvCemap, CeRGI

Mortgage and Insurance Consultant.

Mobile Phone ; 07881802962

Office : 0208 245 8464 direct dial

Email : richard@rjmortgagefinance.co.uk

 

 

 

 

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