Trinity Financial has seen a host of mortgage lenders change their mortgage deals this week. The Woolwich increased their two-year fixes in an effort to reduce the amount of their mortgage business. While the Nationwide Building Society reduced the majority of their rates, by up to 0.5%, in an effort to get more mortgage business. Nationwide’s rate cuts are the first we’ve seen for a while from one of the largest mortgage lenders.
Aaron Strutt, a broker at Trinity Financial Group, says: “There really are some decent fixes around at the minute. Many of the very best fixed rates were available only to borrowers with a 40% deposit, but in recent weeks we have seen a change in this trend. The majority of lenders require a 25 to 30 per cent deposit to get their best deals. This is very welcome news and is a sign that things are heading in the right direction.The Nottingham Building Society still have the lowest two-year fixed at just 3.99%. This is available to those with a 30% deposit and it is accompanied by a fee of £1,495. The Mansfield Building Society are still offering their two-year fixed rate at 3.99%. This mortgage has an arrangement fee of £999 and it is available to those with a 25% deposit.
“Abbey currently offer a two-year fixed rate at 4.18% with a maximum loan size of £1 million. This has a £995 fee and is available to those with a 30% deposit. If you are purchasing a property, Abbey will provide a free property valuation and £250 cashback. If you are remortgaging they will pay for the property valuation and the legal fees, providing you use one of their solicitors.”
The most competitive deal for those with a 15% deposit is through Abbey. They offer a four-year fixed rate at 5.84% with a fee of £495. This has a free property valuation.
Friday 7th August 2009