The mortgage market has been in a state of flux recently, with lenders making changes to their rates and products. Two of the biggest lenders in the UK, West One Loans and Norton Home Loans, have recently announced changes to their rates.
West One Loans has increased its second charge mortgage rates by up to 0.5%. This means that customers who take out a second charge mortgage with West One Loans will now pay more than they did before. The lender has also increased its minimum loan amount from £25,000 to £30,000.
Norton Home Loans has also made changes to its rates, raising them by one percent. This means that customers who take out a mortgage with Norton Home Loans will now pay more than they did before. The lender has also increased its minimum loan amount from £25,000 to £30,000.
These changes come at a time when the mortgage market is in a state of flux. Lenders are responding to the changing economic environment by making changes to their rates and products. It is important for customers to be aware of these changes so that they can make informed decisions when taking out a mortgage.
It is also important for customers to shop around and compare different lenders before taking out a mortgage. This will help them to find the best deal for their circumstances. Customers should also consider the long-term implications of taking out a mortgage, such as the impact on their credit score and the potential for early repayment charges.
Overall, it is important for customers to be aware of the changes being made by lenders in the mortgage market. By shopping around and comparing different lenders, customers can find the best deal for their circumstances. It is also important to consider the long-term implications of taking out a mortgage before making a decision.