Mortgage bulletin for week commencing Monday 21 October
Coventry Building Society has launched two new fixed-term mortgages for 65% loan-to-value (LTV) deals. A new two-year fixed rate at 2.09% has no arrangement fees, but early repayment charges (ERCs) are payable until 31 December 2015. Its five-year fixed rate is 2.99%, with £199 booking fee, £300 arrangement fee and ECRs until 31 December 2018. Flexx for Term, variable rate, and Variable Rate Offset Flexx for Term mortgages are available at 2.09% and 2.29% respectively, for 65% LTV, with £199 booking fee, £300 arrangement fee and no ECRs.
Colin Franklin, sales and marketing director, Coventry Building Society, says: "For borrowers looking for the flexibility of no ERC's and unlimited overpayments, our Flexx for Term, with a great rate of 2.09%, is also available with an arrangement fee of just £300."
Leeds Building Society has introduced a £200 cashback incentive and reduced rates on many of its two-, three- and five-year fixed-rate ‘Welcome Mortgages'. Available up to 90% LTV, they offer the option of paying 0% on the first three or six months, and the remaining monthly payments at a fixed rate, and are available with a £199 application fee, a free standard valuation up to £335 and 10% capital repayments each year without penalty. Kim Rebecchi, sales and marketing director says: "I am very pleased that we are able to add a £200 cashback to the range and reduce the cost of our two-year 'Welcome Mortgage', available up to 85% LTV to 4.07%."
The Society's standard two-year fixed-rate deal is now 1.99% at up to 75% LTV and a maximum loan of £750,000. A £1,800 completion fee is payable on borrowing up to £500,000, or 1% of the loan value above that figure. ERCs are payable during the fixed-term period.
Cambridge Building Society has reduced its rates by up to 0.4% on a range of residential deals available through intermediaries for loans from 75% LTV to 90% LTV. Its two-year fixed rate is 2.79% at 75% LTV, 2.99% for 80% LTV and 4.19% at 90% LTV. The five-year fixed rates are 3.69% for 75% LTV, 3.99% at 80% LTV and 5.09% at 90% LTV. A £199 application fee and £800 completion fee applies to all of these offers and loans are limited to £500,000 to 80% LTV and £300,000 to 90% LTV.
Accord Buy to Let has launched three new mortgages with £195 product fee and £500 cashback, at a maximum of 75% LTV. The fixed-rate range includes a two-year deal at 3.79%, three-year at 4.09% and five-year at 4.69%. Chris Maggs, national account manager for Accord Buy to Let, says: "These mortgages should really appeal to those customers who are looking to keep the up-front costs of buying a new buy-to-let property, or remortgaging an existing one, to a minimum."
Specialist buy-to-let lender Mortgage Trust has a new two-year fixed-rate of 4.25%, with no product fee and free valuation, available to private landlords purchasing or remortgaging a single, self-contained property. John Heron, director of mortgages, says: "As far as we are aware this is the very best two-year fix with no product fee in the buy-to-let market. This is a great product which does what it says on the tin - a top-value fixed rate for buy-to-let borrowers. We don't expect that this product will be around for long, so intermediaries will need to move quickly to secure this fixed rate for their landlord clients."
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