The Abbey National has announced rate cuts on their two and three year fixed rate mortgages of up to 0.15 percent, the second round of cuts in the last 10 days.
The lowest 2 year fixed rate Abbey National mortgage can now be had at 6.34 percent, with a fee of GBP999, while the equivalent three year offer is just 6.29 percent. These mortgages require at least a 25 percent deposit to qualify.
Soon to be breaking the 6 percent barrier is a new Abbey National mortgage with a 5.99 percent rate, though the maximum loan to value will be 70 percent rather than the usual 75 percent. This will be for a three year fixed term and has a fee of GBP1,695, with a maximum loan value of GBP250,000.
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.
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.
