Competition in the mortgage market intensified this week as a fresh mortgage price war erupted with a string of major lenders slashing their rates.
Halifax, Barclays, Nationwide Building Society, Virgin Money, Skipton, Coventry and Norwich & Peterborough Building Society are among those who have improved their product ranges.
The main battleground seems to be the 5 year fixed arena where rates can be picked up under 3%. YES, THAT’S 5 YEARS FIXED AT UNDER 3%! UNBELEIVEABLE!
Virgin Money, determined to be innovative, has taken the unusual step of launching new 6 year deals, which are available at the same price as their 5 year fixes. They include a product available for people with a 30% deposit with a rate of 2.99% and a fee of £995. Alternatively, people can opt to go fee-free and pay a higher rate of 3.59%.
Although 6 years will give you 6 year’s peace of mind, a lot can happen in 5 years, never mind 6. One more than one occasion, we have invited clients in to review their mortgage at the end of their 5 year fixed term, only to find they arrive not only with a baby, but also a different partner!
Although of course partners can be changed free of charge, the fee to change your 5 year fixed rate can be anything up to £10,000! Now that’s commitment!
For more information about Mortgage Interest Rates speak to an advisor on 01628 507477 or contact us.
Lloyds Banking Group has jumped on the bandwagon to boost lending for first-time buyers as they allocate an additional £4 billion to help first-time buyers on to the property ladder.
As the Loan to Income (LTI) cap has been increased to 5.5 times income, applicants who fit the First Time Buyer Boost criteria could borrow up to 22% more.
The government is introducing mortgage reforms to boost homeownership, stimulate economic growth, and make the housing market more accessible, especially for first-time buyers.
Chancellor Rachel Reeves has announced the most significant mortgage reforms in over a decade—great news for those dreaming of homeownership.
Nationwide ease their ‘Helping Hand’ mortgage designed to help first-time buyers get onto the property ladder by allowing them to borrow up to six times their income.
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