New mortgage customers at the Halifax will have to pay a little more for their home loans from today if they are taking out a tracker or fixed rate mortgage product.
The Halifax tracker mortgage rate goes up to 6.29 percent from 5.99, which is 1.29 percent above the base rate set by the Bank of England. Meanwhile the three year fixed rate mortgage offer rises to 6.44 percent, up from 6.22. A Halifax spokesman clarified that the increases will apply to just 5 of the 32 different tracker mortgages they offer and 19 of the 31 different fixed rate mortgages provided.
In that context then there are still many opportunities to avoid paying the extra interest, though of course the Halifax mortgage products that have been selected are the ones that will be the most popular.
Good news for those looking to buy property comes in the shape of some Nationwide Building Society mortgage rates being reduced.
Home loan borrowers will enjoy reduced rates on both tracker mortgages and those on the variable base rate, helping get a foot on the housing ladder. A Nationwide Building Society spokesman explained that this is a passing on of the full base rate cut provided by the Bank of England. As a society they always aim to do the best for their members.
The reduced rates are not being carried through to Nationwide Building Society fixed rate mortgages though, since they are operating in slightly different conditions. For these types of mortgage the rate is actually going up, though the benefit of having the rate fixed for a period of time is certainly worth paying a little extra for.
Special Summer offers have been announced by the Co-op, better known in financial circles as CIS. Their key offer is on a three year tracker mortgage that is only available to CIS current account holders.
The first thing to notice is the sub 6 percent interest rate – 5.99 percent when customers can provide a 25 percent deposit. There is also no fee on this particular mortgage, something that is refreshing in the mortgage market of today. Customers will also be pleased to see that there are no legal fees and remortgage customers can also receive a free property valuation.
There is great flexibility in this CIS mortgage too, with the option to overpay and thus reduce the total repayment term and interest. Payment holidays are also available to help customers manage their expenditure from time to time.
