What the papers say- 24th and 25th September 2011

The Daily Mail reported this weekend that more than 50 Buy-to-Let deals have been withdrawn recently after a flood of applications from landlords. Lenders including Skipton and the Post Office have withdrawn rates, while Kensington have reduced their maximum Loan-to-value from 85% to 80%. Experts said that with such a strong demand for BTL at the moment, banks need to carefully manage how much they lend. The Sunday Times revealed however that a new lender has announced its entry into the market. The State Bank of India has launched a lifetime tracker rate with no Early Repayment Charges. In the residential mortgage market meanwhile, the number of available deals has increased. The Sunday Telegraph reported that the number now stands at around 3,000, its highest level since 2008. Brokers suggested however that while this is encouraging news, the market remains constrained and groups such as First Time Buyers are still struggling to get onto the ladder. In protection news, the Telegraph looked at Aviva’s latest Family Finances Report, which has revealed that the average family has just £982 in savings to fall back on if they are unable to work, yet 9 in 10 families do not have any income protection in place. Elsewhere the Sunday Express advised borrowers to be realistic when considering downsizing for retirement, while the Financial Times revealed that Private banks including Barclays Wealth are offering preferential rates to individuals who invest with them.

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