Mortgage bulletin for week commencing 13 October

Posted 14 October 2014

Recent figures, showing a slight slowdown in the rate of lending in the UK mortgage market, mean that competition among lenders, particularly for remortgages, is as keen as ever.

Halifax

Halifax has cut its remortgage rates by up to 0.50%, as well as reducing selected product fees for a limited period. The rate reductions are being applied to selected two-year and five-year remortgage products.

Furthermore, Halifax has almost halved first-time buyer, homemover and remortgage product fees across its range from £995 and £999, to £495, excluding mortgages for Buy-to-Let customers. Halifax customers can now get a two-year fixed-rate remortgage at up to 60% loan-to-value (LTV) at 2.29% and a two-year fixed-rate remortgage at up to 85% LTV at 2.94%. In addition, the Halifax remortgage service is included as standard, offering customers free valuation and standard legal fees. Craig McKinley, mortgages director at Halifax, says, “We’re committed to providing great value mortgage products to borrowers whether they are looking to remortgage their existing home, or whether they are buying for the first time. These latest changes not only offer competitive rates, but also support customers with the costs of their valuation and legal fees.”

Lloyds Bank

Lloyds Bank has reduced product fees to £495 for a limited period, excluding Buy-to-Let loans, and has also reduced rates on some of its mortgages. The deals, which are available to remortgage customers, first-time buyers and homemovers, include a two-year fixed-rate remortgage at up to 60% LTV at 1.99% with £495 fee, and a two-year fixed-rate remortgage at up to 85% LTV reduced by 0.40%, to 2.84% with £495 fee.  

Coventry Building Society

Coventry Building Society has launched a new residential range of mortgages including fixed-rate, Flexx for Term and Base Rate Tracker options, with rates starting at just 1.65% on loans up to 65% LTV. Deals in the new range, which are available by phone and in branch, include a two-year discount 1.65% Bank Base Rate Tracker (Base Rate +1.15%) at 65% LTV with a £199 booking fee, £800 arrangement fee and early repayment charges (ERCs) payable to 31.12.16. Coventry is also offering a 1.89% Flexx for Term, variable rate product at 65% LTV with £199 booking fee, £300 arrangement fee and no ERCs, while fixed-rate deals include a 1.99% two-year fixed-rate at 65% LTV with £199 booking fee, £300 arrangement fee and ERC payable to 31.12.16 and a 1.99% Offset two-year fixed-rate mortgage at 65% LTV with £199 booking fee, £800 arrangement fee and ERCs payable to 31.12.16. All residential products include a valuation up to £670 and access to Coventry's remortgage transfer service.

Leeds Building Society

Leeds Building Society’s has reduced its fees-assisted two-year discount buy-to-let mortgage by 0.30% to 2.79%, available to 70% LTV. The product comes with a low £199 fee, a free standard valuation up to £335 and fees assisted legal services for standard remortgages. This is followed by a further 1.00% discount (4.99%) for three years, with no Early Redemption Charges. 10% penalty-free capital repayments are allowed in years one and two and unlimited capital repayments can be made after year two.

Mortgage Trust

Mortgage Trust, the Paragon-owned mainstream buy-to-let lender for smaller scale private investor landlords, has boosted its product range to include 12 new fixed rate products, with two-year tracker deals at 75% LTV starting from 2.89% for both purchase and remortgage and 80% LTV starting at 3.95%. The new range of fixed rate products includes two-, three- and five-year fixed-term products, and all products benefit from a free valuation.

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