Mortgage bulletin for week commencing 3 November 

Posted 4 November 2014

With the mortgage market slowing slightly as the rise in house prices level off in some areas, lenders continue to create new deals and lower rates to attract new customers.

Yorkshire Building Society (YBS) has reduced rates for those wanting to get on the housing ladder with a 5% deposit. The society's two-year 95% loan-to-value (LTV) fixed-rate mortgage rate has been reduced by 0.25% from 4.99% to 4.74% with an £845 product fee and a £130 mortgage processing fee.

YBS is also offering five-year fixed rate of 3.19% with £345 product fee at 65% LTV, reduced from 3.49%, while deals from Chelsea Building Society include a 1.99% two-year fixed-rate 65% LTV mortgage with £345 product fee (reduced from 2.14%), a three-year fixed-rate at 65% LTV of 2.24% with a fee of £1,545 and a 2.85% five-year fixed-rate mortgage with £1,545 product fee.

Chelsea Building Society, part of the YBS Group, has made the same reduction on its equivalent 95% LTV product. Its two-year fixed-rate mortgage will be reduced from 4.89% to 4.64% with a product fee of £1,545 and a £130 mortgage processing fee.

Santander has launched two new mortgage products exclusively via intermediary channels. Available for homemovers, first-time buyers and remortgage customers, and with a £995 booking fee, they are a two-year fixed-rate at 1.94%, up to 75% LTV and a two-year fixed-rate at 2.79%, up to 85% LTV. 

Santander has also cut the rate on its five-year fixed-rate mortgage at 75% LTV to 2.89%, a reduction of 0.5%. The product has a booking fee of £995, and is available both directly and via intermediaries.

All of these mortgages come with Santander’s unique Homebuyer or Remortgage Solutions, offering a free valuation and £250 cashback for those buying a new home, and a free valuation and free legals or £250 cashback for those re-mortgaging. In addition, customers who pay their Santander mortgage from a Santander 1|2|3 current account by direct debit receive 1% cashback, to a maximum monthly mortgage payment of £1,000.

Coventry Building Society has also launched a new residential range of mortgages, including new fixed-rate and Flexx for Term options. The deals include a 1.79% Flexx for Term variable rate on loans up to 65% LTV with a £199 booking fee, £300 arrangement fee and no early repayment charges (ERCs). 

A two-year fixed-rate option at 65% LTV is 1.89%, again with a £199 booking fee and £300 arrangement fee, and ERCs payable to the end of 2016. 

There is also a five-year fixed-rate at 3.29% on loans up to 80% LTV, £199 booking fee and ERCs payable until the end of the fixed-rate period.

Leeds Building society is offering a range of Holiday Let mortgages, via intermediaries, for those looking to invest in a holiday letting property. Rates start 2.94% for a two-year fixed-rate on loans up to 60% LTV with an £800 fee or 3.24% with no fee. At 75% LTV, the rates are 3.24% with a fee of £800 or 3.54% with no fee. 

All four products are available on loans up to £500,000 for house purchasers or for those remortgaging from another lender, have a £199 non-refundable booking fee, free standard valuation up to £335 and fees-assisted in-house legal services for standard remortgages.

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