Accord is changing the rates across its Deposit Unlock mortgage deals (these are mortgages at 95% loan to value for new-build properties). Accord offers a range of options under the scheme, including fee-free deals. Swap rates are the interbank interest rates at which banks lend to each other, they are widely used by lenders as a guide for pricing fixed rate mortgage deals. Among its new rates NatWest will https://www.online-accounting.net/what-is-an-invoice-number-invoice-number-or/ offer a five-year fixed rate for home purchase at 4.66% for borrowers with at least a 40% cash deposit. Coventry building society was quick out of the traps, announcing reductions across its fixed-rate mortgage deals for new and existing customers from Tuesday next week (7 November). Keystone Property Finance, the specialist buy-to-let lender, has cut selected two-year fixed rates by 0.1 percentage points.
February: Virgin Increases Cost Of Remortgage Deals
Halifax, part of Lloyds Banking Group, has cut selected fixed rates for purchase and remortgage by up to 0.36 percentage points. It has also cut selected buy-to-let purchase and remortgage deals for new customers, available through brokers. Santander has cut selected fixed rates for new and existing customers by up to 0.25 percentage points.
November: Nationwide Steals Top Slot At 4.64%
Selected product transfer and buy-to-let fixed rates are being cut by between 0.1 and 0.14 percentage points. Virgin’s five-year fix for remortgage through brokers, with a £1,495 fee, is now at 5.44% (65% LTV). First Direct has cut its two, five and 10-year fixed rate deals by up to 0.2 percentage points.
April: Hopes For Sustained Competition Between Lenders
- Five-year fixed rates (for borrowers who take the homebuying bundle including Gen H Legal’s conveyancing service) are at 5.38% with a £999 fee (up to 80% LTV).
- But experts believe that, despite rising geo-political tensions, the overall outlook for interest rates remains positive, meaning mortgage rates could continue to fall in the short term before stabliising.
- The average SVR was recorded at 7.15% at the end of March, according to data from online broker Better.
- Wave’s software is simpler—designed for easy use for freelancers and small businesses—while QuickBooks’ platform is designed to cover complex business needs and grow as your business grows.
- Last month Skipton did not pass on any of the May interest rate rise to its mortgage variable rate customers.
Mortgage approvals for house purchases increased to 47,400 in October, up from 43,700 in September, according to the latest figures in the Bank of England’s Money and Credit report. Approvals for remortgaging also increased from 20,600 in September to 23,700 in October. Rents have risen fastest in London, where the average monthly rent is now at £3,174, over 13% more than a year ago. Net approvals for remortgaging also increased from 24,000 in October to 27,000 in November, suggesting resilience in the housing market towards the end of 2023.
The rate hike will apply across the mutual lender’s mortgage deals for new borrowers and for existing Nationwide customers looking for a new deal (product transfer deals) or moving home and borrowing more (additional borrowing). HSBC’s five-year fixed rate deal for residential remortgage at 3.99% is available to homeowners with at least 40% equity in their property, and there is a £999 arrangement fee. The hikes, effective from 8pm this evening, will see the lender’s cheapest five-year fixed rate for remortgage (through brokers at 60% loan to value) rise to 4.44%, an increase of 0.05 percentage points. Product transfer fixed rate deals, for existing customers looking for a new deal with the bank, will be increased by up to 0.29 percentage points. Bank of Ireland is withdrawing selected residential fixed rates, through brokers, from 5pm today (29 February). NatWest has increased selected two and five-year fixed rates for existing customers looking for a new deal by 0.1 percentage point.
Specialist lender Foundation Home Loans is launching a range of new fixed rate deals for owner-occupier and buy-to-let borrowers. It is offering a five-year fixed rate at 6.39% for owner-occupier borrowers who just fall outside mainstream credit criteria (Foundation categorises this as F1). The lender is also introducing a five-year fixed rate for F1 BtL borrowers at 6.39%, also with a £2,995 fee. The rates on deals for existing Virgin Money customers looking for a product transfer are also going up. Two-year fixed rates are increasing by up to 0.42 percentage points and will start at 5.47% and five-year fixed rates are rising by 0.38 percentage points and will start from 4.96%.
Santander has cut fixed rates for residential and buy-to-let borrowers by up to 0.32 percentage points, writes Jo Thornhill. The reductions apply to both purchase and remortgage deals and are available to new and existing customers. NatWest, which also announced its rate cuts today, is offering, through brokers, two-year fixed rates for residential remortgage from 4.64% (60% LTV) with a £1,495 fee and equivalent five-year deals from 4.58%.
This is due to rises in swap rates, the rates banks use to lend to each other, as hopes fade for a cut to the Bank of England Bank Rate in June. Over five years, Barclays has lowered its rates from 4.41% to 4.23% on purchase deals at 60% loan to value with an £899 fee. The equivalent deal for borrowers with a 15% cash deposit (85% LTV) is cut from 5.14% to 4.93% (£899 fee), and the fee-free option is down to 5.15% from 5.33%. These latest price cuts follow NatWest and Coventry and Suffolk building societies, which lowered their fixed rates at the end of last week.
The increase will be applied on deals for home purchase, including first-time buyer rates, and for remortgage, effective tomorrow (Wednesday). It currently offers two-year fixed rates for residential remortgage from 4.88% with a £999 fee (60% LTV) and five-year equivalent deals from 4.48% (also 60% LTV). The bank, whose shareholders are due to vote this week on a potential takeover by Nationwide building society, a cost which changes in proportion to changes in volume of activity is called will publish its new mortgage rates live on its website tomorrow morning. It currently offers a five-year fixed rate for remortgage at 65% LTV at 4.64% with an £895 fee. Residential deals for existing HSBC customers looking for a new fixed rate through a product transfer deal have also been cut by up to 0.11%. A five-year fixed rate at 60% loan to value (LTV) now starts from 4.39% with a £999 fee.
Product transfer deals for existing customers looking for a new rate, and those wanting additional borrowing, will also be cut by the bank. The deal, which requires a 50% cash deposit or equity, has a hefty 5% arrangement fee. But brokers believe it will be a mouth-watering option for many BTL investors. Five-year fixed rates (for borrowers who take the homebuying bundle including Gen H Legal’s conveyancing service) are at 5.38% with a £999 fee (up to 80% LTV).
A two-year fixed rate fee-free deal for first-time buyers is now priced at 5.39%, or 5.84% over five years. The cost of borrowing for banks in the wholesale markets has been gradually creeping upwards over recent weeks, fuelled by more negative economic news and stubbornly high inflation data. This has increased the likelihood that interest rates, and consequently mortgage rates, will stay higher for longer. Five-year fixed rates for customers with at least 40% equity in their property will now start from 4.3% with a £1,495 fee. For those with 20% equity (80% LTV), five-year fixed rates now start from 4.94% (or 5.34% over two years) with a £995 fee.
This could potentially mean an increase of 0.5 percentage points in August (which would take the Bank Rate to 5.5%), rather than 0.25 percentage points rise many had been expecting. Inflation fell sharply from 8.7% to 7.9% in June, according to Office for National Statistics data. Experts are now predicting the Bank of England may only need to increase the Bank Rate by 0.25 percentage points next month, rather than 0.5 percentage points as previously.
It is increasing two and five-year fixed rates for new borrowers with a 25% deposit or equity or less (75% LTV). Santander has cut the cost of selected fixed rate deals for home purchase by up to 0.2 percentage points. https://www.simple-accounting.org/ The lender will also increase selected residential product transfer deals by up to 0.1 percentage point (75% to 90% LTV), while also cutting the rate on some larger loan product transfer deals at 85% LTV.
Skipton is now offering a five-year BTL fixed deal at 5.62% (down from 5.74%) at 60% LTV with a £1,995 fee. Average five-year fixed rates have fallen by 0.13 percentage points since Tuesday last week (15 August) according to data from our mortgage partner, Better. Lenders have been responding to falling swap rates (the rates at which banks lend to each other and on which fixed mortgage rates are based). But despite the easing in fixed rate mortgage pricing offering some hope to borrowers, the wider outlook for the housing market remains subdued. Yorkshire building society has cut rates on fixed and tracker rate products by up to 0.41 percentage points. Optimistic brokers now expect further rate cuts across the market, despite a potential increase to the Bank of England Bank Rate on Thursday this week (21 September).