Mortgage bulletin for week commencing Monday 4 November

Posted 4 November 2013

Leeds Building Society has launched a new product range for loans between £500,000 and £750,000, available direct or through intermediaries. The new range from includes a two-year fixed rate at 2.14% up to 75% loan-to-value (LTV), and at 2.29% up to 80% LTV. The Society's 80% LTV three-year fixed-rate deal is currently 2.74%. These offers have completion fee of £1,800, £199 booking fee and allow 10% capital repayments each year without penalty.

Cambridge Building Society's new low-deposit mortgages offer reduced monthly payments in the first year. The ‘stepped rate' discount mortgage requires a 5% deposit, offers a free valuation and a low application fee. The three-year mortgage starts at a lower variable rate of 3.99% then moves to a variable rate of 4.89% in years two and three. The Society also offers a two-year fixed rate 95% mortgage product at 5.39% and a range of 90% LTV products for those people who have a slightly larger deposit.

Coventry Building Society's new residential mortgages cut rates by up to 0.5% on selected products for new applicants. The Flexx for Term Variable Rate is currently at 2.00% for loans up to 65% LTV with no early repayment charges (ERCs), £199 booking fee and £800 arrangement fee. The +1.49% Base Rate Tracker Mortgage with no ERCs is currently at 1.99% at 65% LTV, £199 booking fee, £800 arrangement fee and ERCs payable to 31 December 2018.

Coventry also offer a 90% LTV five-year fixed rate at 4.75%, with £199 booking fee, no arrangement fee and the ability to repay up to 10% of the capital without ECR, and an 85% LTV deal at 3.25% (reduced from 3.55%), fixed for three years with £199 booking fee, no arrangement fee and ERCs payable during the three- year fixed-rate period.

Both the Cambridge and the Coventry Building Society have offers for buy-to-let investors. The Cambridge has launched a new 75% LTV buy-to-let range to all intermediaries, with rates reduced by up to 0.25% and starting at 3.59%. The two-year fixed rate is 3.84% and three-year fixed rate is 3.99%. These options attract an application fee of £199 and a 1% completion fee, and are available for loans up to £750,000.

The Coventry Building Society buy-to-let 65% LTV range includes a three-year fixed rate, reduced from 3.29% to 2.79%, and a four-year fixed rate at 3.49% and the five-year fixed rate is 3.89%. All three deals carry a £250 booking fee, £1,749 arrangement fee, ERCs payable during the fixed term and all products include a valuation up to £670.

Other deals for buy-to-let investors include a two-year tracker from Santander for intermediaries at 2.59% for loans up to 60% LTV with a 2.5% booking fee available until 30 April 2014 for loans from £50,000 to £750,000.

Hinkley and Rugby Building Society is offering a 2.9% discount on its 2.74% variable buy-to-let mortgage for loans up to £300,000 and 60% LTV, reverting to the Society's buy-to-let basic variable rate of 5.64% after two years, with an arrangement fee of £250 and completion fee of £2,249.

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