Mortgage bulletin for week commencing 8 September
Posted 8 September 2014 by Keith Osborne
Rising house prices across the UK and competition for low interest rates among lenders continue to suggest that now is a good time to invest in property especially for those currently renting, looking to get on the housing ladder or buying to invest.
Skipton Building Society has lowered its mortgage variable rate (MVR) from 5.49% to 4.99% for residential loans and from 5.69% to 5.19% for buy-to-let, benefitting those with existing loans through the society or those looking to take out a loan. Kris Brewster, the society’s head of products, says: “This is great news for our customers with rates linked to our MVR or whose deals still revert to MVR.”
Skipton's latest 60% loan-to-value (LTV) mortgage deals include two-year fixed rate of 2.59% with no application or completion fees or 2.35% with fees of £495, a three-year fixed rate at 60% LTV of 2.88% with no application or completion fees or 2.55% with fees of £995 and a five-year fixed rate at 3.49% with no application or completion fees or 3.3% with fees of £995. A seven-year fixed-rate product at 90% LTV is being offered at 5.39% with no application or completion fees.
Leeds Building Society is reducing the rate of one of its fixed-rate mortgages to give more choice to borrowers looking to fixed-rate their repayments for the longer term.
The society has cut the rate of its ten-year fixed-rate mortgage up to 65% LTV to 4.19%. This deal comes with a low fee of £199 and additional benefits including a free standard valuation up to £335, and fees-assisted in-house legal services for remortgages. Leeds Building Society also offers a ten-year fixed rate product at 4.39% up to 80% LTV.
Martin Richardson, Leeds Building Society’s general manager for business development, says: “We expect the 4.19% ten-year deal to appeal particularly to homeowners with sufficient equity who are looking to remortgage.”
Santander is cutting rates by up to 0.25% across its residential mortgage range, to support homebuyers and remortgagers looking for a great fixed or tracker rate this autumn. The lender has reduced rates by up to 0.25% across its fixed-rate and tracker range, with the new rates on offer to both homebuyers and remortgagers including a two-year fixed-rate at 2.25% with a £995 fee, available up to 60% LTV, a two-year fixed-rate at 2.39% with a £995 fee, available up to 70% LTV, a two-year fixed-rate at 3.39% with a £495 fee, available up to 85% LTV, a five-year fixed-rate at 3.29% with a £995 fee, available up to 70% LTV.
Santander has also launched a new five-year fixed rate with a rate of 3.49% and no fee, which is available up to 70% LTV to both homebuyers and remortgagers.
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