Best buy mortgages more accessible
Royal Bank of Scotland and the Nationwide Building Society ask borrowers to put down half of the property value to qualify for their cheapest mortgages, but best buy rates are now more accessible and they continue to get lower.
Northern Rock reduced their market leading two-year fixes and they are now available from 2.89% for borrowers with a 30% deposit. The arrangement fee is also lower at £995. Abbey for Intermediaries has also launched a three-year fixed rate at 4.49% and it has a £495 arrangement fee – borrowers will need a 15% deposit and the maximum loan size is £550k. The Abbey mortgage also has a free property valuation and £250 cash back if you are buying a home.
Aaron Strutt, a broker at Trinity Financial, says: "Short-term fixed rates are now more attractive and they are much lower than many standard variable rates. The Clydesdale Bank has a two-year fix at 2.88% and it is available up to £2 million, if you have a 35% deposit. The arrangement fee is £1499.
"Certain lenders are chipping away and making their mortgages cheaper. They are also lowering the size of the deposit required. When it seems that they can't get any lower, we see further incentives to grab a cheap rate."
June 24, 2011
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