Good news for those looking to buy property comes in the shape of some Nationwide Building Society mortgage rates being reduced.
Home loan borrowers will enjoy reduced rates on both tracker mortgages and those on the variable base rate, helping get a foot on the housing ladder. A Nationwide Building Society spokesman explained that this is a passing on of the full base rate cut provided by the Bank of England. As a society they always aim to do the best for their members.
The reduced rates are not being carried through to Nationwide Building Society fixed rate mortgages though, since they are operating in slightly different conditions. For these types of mortgage the rate is actually going up, though the benefit of having the rate fixed for a period of time is certainly worth paying a little extra for.
Some Abbey National mortgage customers, specifically those looking for fixed rate mortgages, are facing rate increases of up to 0.56 percent. This comes only a week after rates were reduced by the company.
The biggest increases are in the short term period fixed rate mortgages, with the 3 year one going up to 6.49 percent from 5.93 percent. The Abbey National is citing a major increase in swap rates for the rises, feeling they will force the Bank of England to increase the base rate.
An Abbey spokesman, aiming to explain the shifts in interest rate commented on their strong market position enabling them to reduce mortgage interest rates last week, but this latest news has forced them to increase them again.
As part of the Mortgage Club Legal and General has added a conveyancing service for customers, something they feel is an essential part of the whole mortgage process.
The view of the Legal and General mortgage spokesman is that effective and efficient conveyancing can make or break the house moving process. If the conveyancing is not done at a good pace then there is a greater likelihood that the deal can fall through, meaning the whole process of finding a property has to begin again.
Legal and General are using the skills and knowledge of intermediaries to manage the conveyancing process, since these financial advisors and legal experts have the experience and knowledge to get all the work done to customers satisfaction.
