The Abbey National Intermediaries Division has just announced that it will be offering some exclusive mortgage deals for a number of selected partners.
The offers being provided by Abbey National vary from a low of 5.76 percent up to 5.81 percent, with at least a 50 percent deposit being needed for all the special mortgage deals available. A spokesman said that more offers like this would be released over time, dependent on the situation in the mortgage market at the time.
The Abbey National spokesman went on to say that this was a clear indication to the intermediary market that they are happy to lend money still and support for this important element of the mortgage market is very important to them.
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.
Following the trend in the market Northern Rock has announced a cut in its fixed rate mortgages, dropping them down to 6.43 percent from 7 percent.
Anyone looking at getting a fixed rate mortgage will appreciate the reduction but should bear in mind there is an arrangement fee on the Northern Rock products of GBP1,495. As stated other mortgage providers have also been reducing their rates so it is sensible to check the new offers available to find the one best suited to specific circumstances.
Potential home buyers still need a big deposit, this situation unlikely to change for some time yet say Northern Rock. The average deposit needed is around 20 percent currently, meaning first time buyers especially are finding it very difficult to get onto the property ladder.
