Abbey National is bringing a 10 year fixed rate mortgage to the market this week aimed at bringing peace of mind to buyers concerned about changing interest rates.
Recent studies have shown that longer period fixed rate mortgages are more popular with consumers, the 5 year versus 3 year fixed rate options proving this point very well. The move by Abbey National to bring in a 10 year fixed rate option is hoped to win more buyers over to the idea, especially as the interest rate is just 6.24 percent. There is an initial fee of GBP999 but this still represents excellent value whilst providing the security that homebuyers crave.
This longer period has impressed industry commentators too since it is expected that Abbey National mortgage customers taking out this option will not be left to face dramatically higher interest rates when the term ends, which is what is happening right now as the plethora of 2 year fixed rate mortgages come to an end.
The Halifax is to close over 50 of its estate agent branches across the country with the loss of around a hundred jobs.
The move by the Halifax comes on the back of what they have described as a significant decline in house sale numbers over the last 12 months. The heart of the Halifax estate agency business is in the North and Midlands, and it is here that they will focus most of their efforts moving forwards.
Around 550 people will find their estate agency branches closing but the Halifax will be able to relocate most of these people, with a hundred that will hopefully be taken up primarily through voluntary redundancies and natural staff turnover.
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.
