The Halifax has launched a number of new products and announced a succession of rate reductions across its product range.
These include a new two year fixed rate mortgage at 90% LTV launched at 4.99% with £995 fee for first time buyers, new five year fixed rates with £995 fees available up to 90% LTV for home movers and 85% LTV remortgage customers with rates starting at 3.34% and 3.39% with a £995 fee.
There is also reductions of 0.15% on two year tracker mortgages for home movers and remortgage customers, with rates now starting at 2.64% and a new 90% LTV option for home movers and first time buyers in the form of a five year fixed rate year product at 5.69% with a £995 fee for home movers and no fee for first time buyers.
Halifax is also reducing the rate on its seven year 90% LTV product by 0.10% to 5.69%. The product which was launched in September last year as a result of Halifax’s participation in the Government’s Funding for Lending scheme.
In addition, Halifax is offering first time buyers £1,000 cashback and no product fees on selected two, five and seven year 75% to 90% LTV fixed rate products. The offer will be available to first time buyers who take out a mortgage with Halifax, with £1,000 paid to the customer via their conveyancer once the purchase has been completed.
‘We are starting off the New Year making a number of changes and expanding our product range and are pleased to be able to continue to support not only first time buyers, but the wider market,’ said Stephen Noakes, mortgages director at the Halifax.
‘We have seen the numbers of first time buyers steadily increase over the past year, however the figures are still some way off the peak. We helped over 50,000 of first time buyers get on the property ladder in 2012 and are committed to continuing to support first time buyers by launching competitive higher LTV mortgages and where possible reduced rates and offer the added bonus of an £1,000 cashback,’ he added.
Accord Mortgages has announced cuts in rates across its entire range. Reductions of up to 0.40% are being made on fixed rate products at 75%, 85% and 90% LTV levels from today (Monday 07 January).
New rates include: two year fixed rate at 75% LTV at 2.49%, with £1,995 fees; two year fixed rate at 75% LTV at 2.69%, with £495 fees; three year fixed rate at 90% LTV at 4.84%, with £1,995 fees; three year fixed rate at 90% LTV at 4.94%, with £995 fees; five year fixed rate at 75% LTV at 3.04%, with £1,995 fees; five year fixed rate at 75% LTV at 3.24%, with £495 fees and five year fixed rate at 90% LTV at 4.64%, with £1,995 fees.
Offset alternatives of each are available with a rate 0.20% higher than their non-offset equivalent and incentives including cashback on completion of up to £250, legal fee and valuation assistance are also available on selected products.
‘There continues to be a great deal of movement within the market and as we always want to ensure we offer the most competitive products possible we have reduced rates across almost our entire range,’ said Toni Roberts, Accord Mortgages product manager.
‘Allied with the strong emphasis we place on excellent customer service, we believe these new rates will prove very popular and will get 2013 off to a great start for brokers and their customers,’ added Roberts.
Meanwhile, the Coventry Building Society has launched what it describes as competitive two and five year fixed rates from 2.49% at 65% LTV.
The new range allows overpayments of 10% on all new products and includes a legal and valuation package for remortgages and includes a 2.49% two year fixed rate until 31.03.15, 65% LTV £199 booking fee with £800 arrangement fee and ERCs of 3% of balance until 31.03.15.
There is also a 2.69% two year fixed rate until 31.03.15, 70% LTV, £199 booking fee with £800 arrangement fee and ERCs of 3% of balance until 31.03.15; a five year fixed mortgage at 2.99%, 65% LTV, £199 booking fee with £800 arrangement fee and ERCs of 3% of balance until 31.03.18 and a five year fixed rate at 3.99%, 85% LTV, £199 booking fee with £800 arrangement fee and ERCs of 3% of balance until 31.03.18.
For first time buyers there is a five year fixed rate at 4.95%, 18,90% LTV, £199 booking fee, no arrangement fee and £500 IKEA vouchers and ERCs of 3% of balance until 31.03.18 for members only and a five year fixed rate at 4.99%,18, 90% LTV, £199 booking fee and £300 arrangement fee and ERCs of 3% of balance until 31.03.18.
