New rules introduced under the FCA’s Mortgage Market Review were the subject of discussion once again in this weekend’s financial press, with the Financial Times reporting an increase in the number of borrowers looking for terms of over 30 years. Brokers agreed that the application of new affordability rules mean that this trend is likely to continue. The Mail on Sunday also gave tips for borrowers to assess their own vulnerability to interest rate rises by suggesting they look at the difference in payments if rates were to increase by different percentages.
The Independent looked at a new long term deal launched by Leeds Building Society, which is the first 10 year fix to be made available through the Help to Buy scheme, and offers a rate of 0% for the first 3 or 6 months of the deal. Brokers suggested that 10 year fixes have always struggled to find a following, but welcomed the prospect of lenders’ broadening their options.
Elsewhere, the Sunday Times revisited the tracker versus fixed rate debate, while the Sunday Express gave tips for investors looking to enter the Buy-to-Let market.