Mortgage and Insurance Blog

Date - 08th February 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 or so in the interest rate world, with Virgin, Kensington, TML, Metro - interest only products, Shawbrook, Leeds, FHL, Clydesdale,Halifax, Scottish Widows, West Bromwich, BMS, Precise, Gatehouse AND Melton Mowbray all announcing changes.


In criteria news, Aldermore advise that they will be returning to capital raising on BTL.

Accord announced that they will allow households that earn £60,000 a year or more will be able to borrow five times their income, up from the 4.49 times income. 

Nat West tighten rules by taking the decision to withdraw lending into retirement for both new and existing customers.

Halifax tighten the rules relating to contractors and now, where a copy of a contract is accepted as income verification the annual gross income will now be calculated based on 46 working weeks rather than 48 weeks previously. This change is being made to better reflect likely contractor working patterns.


In wider news, most first-time buyers are opting for longer-term mortgages, shows a new report from Nationwide. In 2010, nearly half – 45 per cent – of FTBs chose a mortgage with an initial term of over 25 years. By 2020, this had risen to 70 per cent.

Average house prices have increased by 51% over the past 10 years, according to e.surv’s Chartered Surveyors House Price Index. On a monthly basis, house prices across England and Wales increased by 1.4% between November and December 2020. Throughout 2020, house prices rose by 7.8% despite the added complications of COVID-19.

Paragon Bank’s buy-to-let pipeline hit a record high of nearly £1bn at the end of the first quarter of its financial year, the bank has announced in a trading update. The update, which covers the period 1 October 2020 to 31 December 2020, shows that the pipeline stood at £966.8m at the end of 2020. That’s some £152.8m higher than for the same period last year.


In insurance news, AIG announce they have partnered with Winston’s Wishes, one of the UK’s leading childhood bereavement charities. Last year, they supported 21, 737 bereaved children and young people with their services. Winston’s Wish is that expert support is available when it matters most, above and beyond the financial protection. Unsupported grief can result in some negative consequences - 41% of young offenders experienced bereavement as a child, - with the impact of not talking about their feelings having an impact on trust, relationships and self-esteem as they grow up.

When we make a recommendation to you for an insurance plan, one of the areas we look at is the add-on services the plan offers – like WW above, or GP services, second opinion options and many others. 

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 :




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