Mortgage bulletin for week commencing Monday 22 September

Posted 22 September 2014

Leeds Building Society has increased procuration fees on buy-to-let and holiday-let mortgages through intermediaries. The fee will increase from 0.37% to 0.5%, bringing it in to line with similar fees on the market.  Leeds is also reducing rates on some but-to-let mortgages by up to 0.4% and introducing new five year fixed rate deals.

Three-year fixed-rate buy-to-let mortgage deals include 3.09% up to 60% loan-to-value (LTV) and 3.39% up to 70% LTV, while the three-year fixed-rate fees assisted buy-to-let deal up to 60% LTV is 3.39% or 3.59% up to 70% LTV. The Society's five-year fixed-rate buy-to-let product up to 60% LTV is 3.69%, or 3.99% up to 70% LTV. All of these new deals come with a free standard valuation up to £335 and fees assisted legal services for standard remortgages.

Skipton Building Society has also increased its buy-to-let procuration fees to 0.5% for new buy-to-let cases. Alongside this change, it has launched a new range of buy-to-let mortgages with fixed terms from two to seven years. The new range comes with an application fee of £245 and is available for purchase and remortgage, with remortgages benefitting from free standard legal fees and a free standard valuation.

Skipton's new two-year fixed-rates are 2.99% at 60% LTV, 3.35% at 70% LTV and 3.55% at 75% LTV. All have a completion fee of £750. A rate of 3.3% is available at 75% LTV with a higher completion fee of £1,750. The new three-year fixed-rates offer 3.49% at 60% LTV, 3.69% at 70% LTV and 4.05% at 75% LTV, again with completion fees of £750. The higher-fee version at 75% LTV is available at 3.8%. The new five-year fixed-rates are 3.99 at 60% LTV, 4.29% at 70% LTV and 4.3% at 75% LTV, again with completion fees of £750. The higher fee 75% LTV five-year fixed-rate is 4.3%. The new seven-year fixed rates with completion fees of £750 are 4.6% at 60% LTV, 4.94% at 70% LTV and 5.24% at 75% LTV. A rate of 5% is available at 75% LTV with the higher completion fee of £1,750. 

Coventry Building Society has launched a new buy-to-let range, which includes a two-year fixed-rate up to 75% LTV at 3.19% with a £250 booking fee and £1,749 arrangement fee. A second two-year fixed-rate product with a lower arrangement fee is also available at 3.49% for loans up to 75% LTV, with a £250 booking fee and £749 arrangement fee. ERCs at 3% are payable on both mortgages for the first year of the fixed-rate period, falling to 1% in the second year. A new Flexx for Term, variable rate, 75% LTV deal is available at 2.99% with £250 booking fee, £1,749 arrangement fee and no early repayment charges. 

Away from the buy-to-let market, Santander has reduced rates on a number of mortgages available to its existing current account holders. For those purchasing or remortgaging, these include a two-year fixed-rate at 2.15% (down from 2.39%) to 70% LTV, a two-year fixed-rate at 2.30% (down from 2.55%) up to 75% LTV and a five-year fixed-rate at 2.99% (down from 3.29%) up to 70% LTV.

For purchasers with smaller deposits there are two new products, a two-year fixed-rate at 2.59% (down from 2.79%) up to 80% LTV, and a two-year fixed-rate at 2.99% (down from 3.19%), up to 85% LTV. All of the new current account exclusive mortgages have a reduced booking fee of £495 and come with Santander’s Homebuyer or Remortgage Solutions, offering a free valuation and £250 cashback for those buying a new home, and a free valuation and £250 cashback or free legals for those re-mortgaging. Excluding commercial mortgages, Santander 1|2|3 Current Account customers who pay their monthly Santander mortgage payment by direct debit will receive 1% cashback on maximum monthly mortgage payments of £1,000. 

Lloyds Bank has also cut rates on a range of mortgages. Changes include the five-year homemover and first time buyer mortgages at up to 75-80% LTV at 3.98% with £995 fee, or 4.18% with no fee, while at 60-75% the rates are 3.78% with £995 fee, or 3.98% with no fee. A new two-year fixed-rate remortgage at 75% LTV is 2.49% with £995 fee or 2.94% with no fee.

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