Unless you’re one of those lucky cash buyers, finding a mortgage is an essential step in the house buying process. The good news, whether you’re a first-time buyer or a homeowner looking to move on, is that the mortgage market is becoming more competitive with every month. There are an increasing number of products for homebuyers to choose from, and many of the latest mortgages come with competitive rates and terms. Here are some of the latest announcements from the nation’s mortgage lenders: Rate reduction on 90% lending from Yorkshire Building Society Yorkshire Building Society has announced that it is to reduce rates on its two-, three- and five-year fixed-rate mortgage products, effective 25th January 2012, with particular focus on 90% loan-to-value (LTV) lending. Now, the 90% LTV rates start from 4.49% for two years, 4.59% for three years and 4.79% for five years. A £995 fee is charged on each of these. There are lower fee options and products with incentives also available. In addition, a two-year fixed-rate mortgage with a maximum 75% LTV is now being offered at 2.84%. Products suitable for first-time buyers are also seeing a reduction, with rates from 4.99%, and no fee, a free valuation/legal fees and £500 cashback. Mortgage Manager Alice Leslie from Yorkshire Building Society says: “We are pleased to be in a position to re-price a number of our products with particular focus on our 90% LTV tier. We believe this focus will help more people get on the property ladder, predominantly those who have a limited deposit.” N&P introduces lowest ever 10-year fixed-rate mortgage Norwich and Peterborough Building Society (N&P) has launched a ten-year fixed-rate mortgage at a best buy rate of 3.99% up to 75% LTV, with a fee of only £295. Borrowers will also receive a free valuation and free legal fees (if they are re-mortgagers) or a £200 cashback option (for purchase customers). The product was launched on 25th January 2012. David Black, Insight Analyst from the Defaqto financial website, says: “There are very few long-term fixed-rate mortgages currently available on the market and this one has the lowest rate as well as a low fee. If you know that you’re going to stay in your property for a longer period of time and want a long-term rate – then certainly this new product…offers a good solution and is worth considering.” Product Manager for Norwich and Peterborough Building Society, Richard Barker, says; “We are delighted to launch this new product and it is one we are confident will be well received in the market. We know that this competitive rate will be welcome news for those who wish to fix for a longer period of time giving them the certainty of what their monthly payments will be for the duration of their loan.” New discount mortgage needing only 5% deposit from Leeds Leeds Building Society has just launched a two-year discount mortgage with a rate of 5.25%, available up to 95% LTV – great news for those with only a five per cent deposit saved. In addition, it has introduced a deal at 4.35% for up to 90% LTV. The company already has a two-year discount rate at only 2.45% up to 75% LTV. The Society has also expanded its range of fees-assisted versions of these products, now offering deals up to 90% LTV for those who require help with up-front costs. A fee-assisted two-year discount mortgage is on offer at 3.80% up to 85% LTV and at 4.95% up to 90% LTV. Each of these comes with a free valuation up to £335 and free in-house legal services for standard re-mortgages. Those requiring up to 95% LTV can also now choose a new two-year variable-rate mortgage, at a current rate of 5.89%. Kim Rebecchi, Leeds Building Society Sales and Marketing Director, says: “Our market leading two-year discount mortgage at only 2.45% [for 75% LTV] offers superb value, particularly when combined with the flexibility of 10% capital repayments each year without penalty and no higher lending charge. We are also pleased to have launched versions of these products available up to 95% LTV on the fee paying options, and up to 90% LTV on the fees assisted options.”
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