Halifax has just announced the eighth cut in their mortgage rates this year, with almost half of their mortgage products having their interest rates reduced by up to 0.15 percent.
A typical example is the Halifax 5 year fixed rate mortgage which comes down from a 6.49 percent interest rate to 6.34 percent. The Halifax has also cut fees on some of its products, with the recently introduced stepped tracker mortgage having GBP200 cut off the fee.
The mortgage market is seeing all manner of fluctuations right now, with the base rate and general economic climate leading mortgage providers to look at different ways to get customers on board. The Halifax is doing what it can by cutting rates and fees where they can and are hopeful that demand will increase on the back of them.
The Abbey National announced rate cuts on some of its mortgage products at the weekend as well as bringing out two new fixed rate mortgage offers.
Some of the Abbey National two year tracker mortgages have seen rate reductions of up to 0.2 percent, with the lowest introductory rate now standing at 6.04 percent. One of the new mortgages offered by the Abbey is a 10 year fixed rate mortgage, with a lowest rate available of 6.25 percent.
An Abbey National spokesman explained that it was the strength the big high street name had in the mortgage market that made these rate cuts possible. The bank also feels that the 10 year fixed rate mortgage is going to prove very popular, combining as it does an attractive interest rate and a long fixed term period.
Customers taking an Alliance and Leicester mortgage through a broker are going to find the process is much faster than it used to be thanks to the introduction of ifax.
This new system transforms faxes sent by brokers into emails that are therefore much easier to read and go straight to the relevant persons inbox rather than hanging around the office. An Alliance and Leicester spokeswoman supported the move and confirmed that the new ifax system would greatly increase processing speed and reduce errors.
The system can work for pretty much all the relevant documents so at each step of the way Alliance and Leicester mortgage customers will see a speedy turnround on their paperwork. The system will also be of great benefit to the intermediaries too of course.
