A new range of Alliance and Leicester mortgage products has just been announced with flexibility built in to suit different customer needs.
There are different fixed term periods available, fee or no fee mortgages and also a base rate tracker. Some excellent rates are available, with a maximum loan of 75 percent of the property value enabling the Alliance and Leicester to offer these rates. One of the most popular mortgage options is expected to be the 2 year fixed rate with a 5.99 percent interest rate.
One of the Alliance and Leicester tracker mortgages that customers will find interesting is currently quoting a rate of 5.89 percent for the first 2 years, this is base rate plus 0.89 percent. After 2 years the tracker works at base plus 1.49 percent.
The Natwest Bank has announced a reduction to its tracker and fixed rate mortgage rates with cuts of up to 0.3 percent.
Most of the Natwest Bank mortgages have seen rate reductions of 0.1 percent, though a small number have had the full 0.3 percent taken off them, something anyone looking for a mortgage will appreciate. The bank has also introduced a three year tracker that steps down on its rate each year.
A spokesman discussing the rate cuts stated that the Natwest Bank was committed to doing what it could for borrowers in what are difficult times. They are pleased to be able to help both first time buyers and those moving on, feeling that both parts of the housing market need to be helped in order for growth to be seen.
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.