Well known high street building society the Alliance and Leicester has just announced some new mortgage offers offering a variety of options for housebuyers.
Fixed rate mortgages are very popular right now as people look to get some stability with their repayments. To this end the Alliance and Leicester mortgage offers include two new fixed rate options. Their five year fixed rate deal will cover up to 90 percent of the property price and stands at 7.14 percent interest. There is also a shorter two year rate, quoting just 6.14 percent interest but restricted to those able to put down a deposit of 25 percent or more.
Catering for the variable rate market the Alliance and Leicester have also introduced a tracker mortgage that follows the Bank of England base rate. Of course this does not ensure a fixed repayment amount but the interest rates are currently lower than the fixed rate alternatives so can prove enticing.
Legal and General has brought a new tracker mortgage to the market, with a maximum loan to value of 75 percent.
The mortgage does have a GBP999 arrangement fee, though this can be added to the mortgage value. There is also an offset facility at no extra charge and, for those looking for a remortgage there is a separate package or a cash return. In a quiet mortgage market Legal and General hope that this particular approach will generate considerable interest.
A spokesman from the company said that this particular tracker mortgage option would be perfect for someone with equity in their property and a balance of money that could be offset against the home loan. Legal and General are happy to answer any queries regarding the tracker mortgage, inviting people to get in touch either on line, by phone or at their local branch.
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.