Mortgage bulletin for week commencing Monday 7 July
Latest Bank of England figures show that the number of remortgages fell in May this year compared to April by nearly 10% and by over 16% compared to May 2013, with the average value of a remortgage approval was £157,166.
Meanwhile, the number of mortgages for purchasing a home showed a different patter, according to the Bank's figures, with the number increasing by over 4% on the month and dropping back by just 0.5% on the year. The average mortgage approval in May 2014 was £164,055.
Coventry Building Society has launched a new range of residential mortgage products including Two and Five Year Fixed rates, Flexx for Term and Base Rate Tracker options. Deals include a two-year 1.75% Base Rate Tracker (Base Rate +1.25%) at 65% loan-to-value (LTV) with a £199 booking fee, £800 arrangement fee and early repayment charges (ERCs) payable to 30 September 2016. There is a two-year fixed-rate at 2.19% on loans up to 65% LTV with a £199 booking fee, £300 arrangement fee and ERCs payable to 30 September 2016. The Society's 2.29% Flexx for Term, variable rate at 65% LTV also has a £199 booking fee, £300 arrangement fee and no ERCs while a loan up to 85% LTV will cost 3.05%, fixed for two years, with a £199 booking fee, £800 arrangement fee and ERCs payable to 30 September 2016. All residential products include a valuation up to £670.
Paragon-owned buy-to-let brand Mortgage Trust has refreshed its range of two-year fixed-rates and tracker buy-to-let mortgages including a new two year fix at 3.99% with no product fee and free valuation. This new product is available up to 75% LTV for both purchase and remortgage. Other highlights include a variety of two-year trackers, including a 3.79% tracker with no product fee and free valuation. Mortgage Trust also continues to offer a limited quota no ERC tracker range with rates starting at 3.80%, and two limited quota fixed rate products both available up to 80% LTV. All products are subject to a £150 application fee and are available online.
Skipton Building Society has reduced rates to all two-, three-, and five-year residential fixed-rate mortgages up to 80% LTV by as much as 0.40% and has introduced new two-, three-, and five-year fixed-rate products to 60% LTV. The product range includes a new two-year fixed-rate 60% LTV mortgage at 2.35% with a £195 application fee and a £300 completion fee, while other two-year fixed-rates include 2.59% to 60% LTV with no application or completion fee and 2.35% to 70% LTV and 2.55% to 75% LTV, both with a £195 application fee and an £800 completion fee. A 75% LTV option with lower completion fee of £300 is reduced to 2.69% or 2.95% with no application or completion fee.
Skipton's new three-year fixed rates include 2.65% to 60% LTV with a £195 application fee and an £800 completion fee or 2.88% with no fees, and an 80% LTV product at 3.48% with a £195 application fee and a £300 completion fee. All deals are available for purchases and remortgages, offer free standard legals and valuations for remortgages and are available through the Society's Skipton Direct customer service centre, branches and all intermediaries.
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