What the papers say – 7th and 8th July 2012

What the papers say – 7th and 8th July 2012

Last week’s announcement that ING will be increasing their Standard Variable Rate from 1st August prompted further discussion in this weekend’s financial press about increasing rates. Experts in the Sunday Express and Sunday Times suggested that many borrowers have been sitting happily on SVR for some time now, but recent movements such as this should act as a catalyst for homeowners to review their deal and consider remortgaging now. For those who are looking to remortgage, the Independent highlighted the huge number of mortgage deals available at the moment, taking into account wide variations in set up costs and exit fees. Brokers agreed that more choice is obviously good news, but it does mean that borrowers need to work through a large number of deals to find the most cost effective option for them. It is not just the big high street banks offering the best deals on the market now, which has also increased the scope for homeowners. The Financial Times reported on recent figures which show a 48% increase in the number of mortgages approved by building societies in the first 5 months of this year compared to the same period in 2011. Brokers say this is largely due to them offering more market leading best buy deals as well as more flexible ‘human’ underwriting. Elsewhere the Sunday Times looked at the increasing number of landlords aged 65 and over as people turn to Buy-to-Let to supplement their income into retirement, while the Mail on Sunday highlighted the importance of Critical Illness cover for family protection and providing that all important financial buffer at a difficult time.

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