Mortgage bulletin for week commencing 5 January

Posted 6 January 2015

Leeds Building Society has re-launched its full mortgage range. New deals include a three-year fixed-rate mortgage at 2.39% up to 75% loan-to-value (LTV) with an £800 fee and a three-year, fixed-rate, fees-assisted mortgage at 2.49% up to 65% LTV with no fee and free standard valuation up to £560 and fees assisted legal services for standard remortgages. There is also a new five-year fixed-rate mortgage at 2.64%, up to 65% LTV with an £800 fee.

Rate reductions also apply to tracker mortgages, with an 85% LTV two-year base rate tracker (BRT) mortgage cut to 2.20% from 2.69%, with an £800 fee and a  two-year BRT fees-assisted mortgage cut to 2.55% from 2.99%, up to 85% LTV with no fee and free standard valuation up to £560 and fees assisted legal services for standard remortgages. A new two-year BRT at 2.25%, up to 80% LTV comes with no fee and free standard valuation up to £560 and fees assisted legal services for standard remortgages.

In addition, the Society has removed the £199 booking fee across its entire range for a limited time and increased the benefit of the free valuation offered as part of its fees-assisted deals from £335 to £560, which will now cover properties worth up to £500,000 (previously £200,000).

Clydesdale and Yorkshire Banks have launched a £1,000 cashback mortgage offer, available across a number of new and existing fixed-rate and variable-rate mortgages for first-time buyers and those moving home. Deals offering the new £1,000 cashback include a two-year residential fixed-rate mortgage at up to 75% LTV at 2.79% with no arrangement fee and a new five-year fixed-rate residential mortgage at 75% LTV, again with no arrangement fee. Higher five-year fixed-rate LTVs are available and include an 85% LTV product at 3.49% and 90% LTV at 3.99%. Both five-year deals have application fees of £999 for new customers and £499 for the Banks' existing mortgage customers. The £1,000 cashback offer runs until 28 February 2015 and is available through branches and direct banking for those borrowing between £50,000 and £1million.

Tesco Bank is offering a competitive rate of 2.79%, fixed for five years, on loans up to 75% with a booking fee of £195 and product fee of £800. Remortgage customers will get free standard legal fees and their first standard valuation fee paid for by the bank.

Nationwide is offering new customers remortgaging their current home a five-year fixed rate of 2.84% on a £100,000 loan at 50% LTV with fees of £999 or 3.04% with no fees. Both products, available online, offer free standard valuation and either free standard legals or £250 cashback on completion.

Away from the High Street, there are a number of specialist products available at the moment, including the Al Rayahn Bank, which is offering a range of deals for homebuyers with discounts available until 30 June 2015. For those looking for up to 80% finance, the bank is offering a rental rate of 4.19%, fixed until 30 June 2015. A variable deal over the same period is currently 3.59% on finance up to 65% of the value of the home or 3.99% up to 80%. All products have a £399 administration fee and revert to the bank's base home finance rental rate, currently 4.49% (Bank of England Base Rate plus 3.99%) after the discounted period.

The Ecology Building Society offers residential mortgages for customers planning to install energy-saving measures or renewable technologies, for renovating a derelict or run down property, converting a disused or redundant building or building a new property using sustainable materials. Variable rates start at 4.9% for residential customers with a £300 fee and 5.15% for buy-to-let mortgages, with a £350 fee. Discounts of between 0.25% and 1.25% are available, subject to conditions, where energy-saving or renewable energy systems are installed as part of the renovation or new-build.

Click here to find out more about how Whathouse.com can help you find the right mortgage.

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