A number of Abbey National mortgages have had their rates of interest reduced it was announced today, though the reductions are very modest.
All Abbey National tracker and flexible rate mortgages are seeing an interest rate cut of 0.05 percent, whilst some of the fixed rate mortgages are coming down by 0.17 percent. The ones seeing these bigger reductions are the safer options for the lender, namely seventy-five percent loan to value mortgages. This means the borrower had to put down a deposit of twenty-five percent. The five year fixed rate for this sort of Abbey National mortgage is therefore down from 5.92 percent to 5.75 percent.
An Abbey National mortgages spokesperson explained that the focus of the lender was to offer choice and value. To this end they have reduced rates on a variety of mortgages as the opportunity has arisen in order to deliver competitive products to their customers.
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The Nationwide Building Society has been looking at the state of the property market with specific regard to flats, which make up around 16 percent of the total UK housing stock.
It found that the average size of a flat is 750 square feet, which is around half the size of the average detached house. They are also much cheaper than a detached house, with the UK average price for a flat standing at approximately GBP136,600. This is, says the Nationwide Building Society, around 25 percent less than the average for all properties combined and so makes it a little easier for first time buyers to get a mortgage for.
Although new build properties are often seen as being smaller than their older counterparts this is not the case with flats. Those built during the 40’s and 50’s tend to be the smallest according to the Nationwide Building Society figures, with new build flats being nearly 10 percent bigger.
,p>Get a great first time buyers Nationwide Building Society mortgage quote and get on the property ladder with a flat.
One of the biggest mortgage providers in the UK, the Halifax, has announced more interest rate reductions on several of its home loan products.
The average mortgage rate reduction made by the Halifax is 0.25 percent, with most of its main tracker and fixed rate products enjoying this cut. Potential customers should be aware that they need to put down a deposit of at least 25 percent in order to receive this lower rate.
A Halifax spokesman explained that they were passing on recent reductions in the cost of borrowing that the banks charge each other, feeling it is in the interest of the market to offer the very best possible rate whenever possible.
