Mortgage bulletin for week commencing Monday 4 August

Posted 4 August 2014

Mortgage lenders, building societies and banks continue to bring new products to the market. Whether to gain new customers or to offer existing mortgage holders looking for a keen deal at the end of their fixed-rate period, lenders are offering a range of incentives for homebuyers and remortgagers.

Lloyds Bank is offering remortgage customers a refund of a standard monthly mortgage payment, up to £1,000, while first-time buyers will get £500 cashback on a pre-loaded MasterCard Gift Card, with a further £100 if they also take their home solutions insurance with Lloyds Bank, and £100 if they take out a Protection for Life policy with Lloyds Bank too. The cashback offer is available to those applying for a mortgage before 6 October and completing by 1 December 2014, and cashback will be paid during December 2014, in time for Christmas.

Marc Page, mortgages director at Lloyds Bank, says: "For some of our remortgage customers, Christmas will come early as they'll have their monthly mortgage payment refunded by Lloyds Bank. We are committed to providing good value for our mortgage customers, and these two new offers will ease the financial burden for first-time buyers and those looking to remortgage over the next few months."

Rates from Lloyds Bank for remortgagers and first-time buyers include a two-year fixed rate of 2.24% at up to 60% loan-to-value (LTV) for Club Lloyds customers (2.44% otherwise). For loans up to 75% LTV, Club Lloyds remortgagers are offered a rate of 2.74% ( 2.94% otherwise), while Club Lloyd first-time buyers can get 2.64%(2.84% otherwise). All products carry a fee of £995.

Leeds Building Society is offering free valuation and legal services and reducing rates and fees on selected buy-to-let products. The Society has introduced a new two-year fixed-rate at 2.65%, available up to 60% LTV with a £1,999 fee or 2.99% with a £999 fee and a free standard valuation up to £335 and free in-house legal services for remortgages. Other deals include 3.19% two-year fixed-rate up to 70%, with a £999 fee and a free standard valuation up to £335 and free in-house legal services for remortgages.

Santander is offering a two-year 1.94% Bank Rate Tracker mortgage to 60% LTV at Base Bank of England Rate (BBR) plus 1.44%. The deal offers free valuation and free legal services for remortgagers or £250 cashback for purchase only and has fees of £995.

Halifax is offering £150 cashback to first-time buyer customers who hold a qualifying Halifax current account on loans up to £1m. Rates start at 1.74% for a two-year fixed rate up to 60% LTV with a product fee of £1,995 (2.54% with no product fee), rising to 4.58% for a five-year fixed rate at 85% with a product fee of £995 (5.04% with no product fee).

TSB is offering free legal work and £500 cashback to remortgagers who pay at least £1,000 into their TSB current account. The five-year fixed rate deal is currently 3.29% with a product fee of £1,995.

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