The Times - Could Scotland change the mortgage market?
September is often the best time of year to remortgage, as lenders announce rate cuts and incentives to attract new borrowers to help them meet their end-of-year lending targets. Yesterday, Halifax became the latest lender to join the fixed-rate mortgage price war, reducing rates across its two and five-year remortgage rang.
In order to qualify for the best-buy mortgages, borrowers often need a 40 per cent deposit, although there are some great deals available even if you have less equity in your property. Lenders have improved their low deposit rates over the past year and rates are good even if you have 15 per cent equity, says Aaron Strutt, of Trinity Financial, a broker. For example, Halifax now offers borrowers with a 15 -20 per cent deposit or equity a two-year fix at 3.44 per cent with a £995 fee, or 3.84 per cent with no fee.
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