The largest lender in the UK, the Halifax, is cutting some of its mortgage interest rates for new customers as of today. This is the third mortgage rate cut the Halifax has announced this month.
Sixteen different mortgage deals will see cuts to their rates, with some being reduced by up to 0.3 percent, helping new mortgage customers get into a property by reducing their monthly repayments. A Halifax spokesman explained that they were keeping up with recent changes in interest rates by other lenders, ensuring they are competitive. 2 year fixed rate mortgage rates for example were unchanged since they had been reduced only a week ago.
In a market where property sales are down by about half compared with last year and mortgage approvals are down by over two thirds it remains to be seen whether these changes will significantly impact on the housing market, though the Halifax will surely be hoping it does.
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.
Find the best rate on an Abbey National mortgage at Moneygossip.co.uk
With all the different DIY and property shows on television it is perhaps no surprise that they have inspired the nation to get their hands dirty and get into DIY. This is what the Alliance and Leicester found.
Decorating is top of the list for improving the appearance of the home, closely followed by installing a new bathroom and changing the flooring. The Alliance and Leicester though suggested loft conversions or fitting a new kitchen would be the best options for increasing the value of the home. In the past these have often been funded through the mortgage though this may not be as accessible now.
At the end of the day it comes down to the balance between enjoying living in a property and making it more valuable and desirable when it comes to selling. This is the dilemma every property owner faces say the Alliance and Leicester, but at the end of the day a home should be just that.
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