Mortgage bulletin: Week commencing Monday 28th July
Base rate tracker mortgages continue to offer a great deal for homebuyers and remortgagers.
Leeds Building Society has launched a new two-year base rate tracker mortgage with a competitive rate of 1.99%. The mortgage carries a £1,499 fee, is available up to 75% LTV (loan to value) and comes with additional benefits including a free standard valuation up to £335 and free in-house legal services for remortgages.
Martin Richardson, Leeds Building Society's General Manager, Business Development says, "In the current historic low interest environment trackers can offer borrowers an attractive deal and our latest two year Base Rate tracker has an extremely competitive rate of 1.99%. We anticipate this mortgage will appeal to borrowers who expect the Base Rate to stay at its historic low for some time longer, or to move very slowly should it start to rise in the immediate future."
Leeds Building Society has also cut rates on some two-year fixed-rate deals by up to 0.25%, added benefits such as a free standard valuation to other deals, and introduced a new two year fixed rate mortgage at 65% LTV.
The new range from Leeds Building Society includes 2.99% two-year fixed-rate mortgage at 85% LTV with a £999 fee, 3.29% two-year fixed-rate mortgage at 85% LTV with a £199 fee, free standard valuation up to £335 and free in-house legal services for remortgages, 2.74% two-year fixed-rate at 80% with a £999 fee and free standard valuation up to £335, 2.59% two-year fixed-rate mortgage at 75% with a £999 fee and free standard valuation up to £335 and 2.59% two-year fixed-rate at 65% with a £199 fee, free standard valuation up to £335 and free in-house legal services for remortgages.
Another popular lender is reducing rate on selected residential and buy-to-let mortgages. Skipton Building Society has introduced new deals on selected two-year, three-year and five-year residential fixed-rates up to 90% LTV. In addition, there are reductions on selected five-year buy-to-let fixed-rate mortgages up to 75% LTV. The product range includes a new two-year fixed-rate at 3.39% to 85% LTV with a £495 fee and a five-year fixed-rate mortgage at 4.99% to 90% LTV with a £995 fee.
Kris Brewster, the Society's head of products, says, "We're pleased to announce rate reductions on a number of fixed rate mortgages across a range which offers fee and rate options to suit a number of different borrower requirements. The wide range of products we now have on offer at very competitive rates means that Skipton is well-placed to help."
Other products from Skipton Building Society include a two-year fixed-rate at 2.59% to 75% LTV with a £195 application fee and a £300 completion fee and a two-year fix-rate at 3.39% to 85% LTV with a £195 application fee and a £300 completion fee. Three-year fixed rates are available at 2.55% to 60% LTV with a £195 application fee and an £800 completion fee, 2.89% to 75% LTV with a £195 application fee and an £800 completion fee and 3.99% to 85% LTV with no application fee or completion fee. Five-year buy-to-let fixed-rates include 3.99% to 60% LTV with a £245 application fee and a £750 completion fee and 4.69% to 75% LTV with a £245 application fee and a £750 completion fee.
All of the above Skipton products offer standard legals and valuations for remortgages, are available for new purchses and remortgages and have reducing Early Repayment Charges (ECRs) of 3% then 2% until 31/10/16 (two-year fixed-rates); 4%, 3% then 2% until 31/10/17 (three-year fixed-rates) and 5%, 5%, 5%, 4% then 3% until 31/10/19 (five-year fixed-rates), of capital repaid then interest to the end of the month.