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Leeds announces new buy to let mortgage rates

[ Posted June 20th, 2012 ]

Although the most homeowners are cringing at the shape of the mortgage market right now, professional landlords are actually enjoying the fact that some of the best mortgage rates out there are designed for them.  This is due to the fact that many high street banks are actually lowering their buy to let deals in an effort to draw business through their doors, as the rental business is reaching new heights.  The reason for the recent surge in the buy to let market is two-fold, as it is partially due to the fact that many first time buyers cannot afford a home and partially due to the fact that property prices of potential letters is so low.

Leeds Building Society is the latest that hopes to draw in more professional landlords with an announcement of new buy to let mortgage rates designed to lure landlords their way.  One of their newest products is a five year fixed product that is set at 4.99% for the length of the term and a low attached 70% LTV.  In addition, if lenders needed another reason to consider the deal, the fact that the building society will also allow for 19% capital repayments every year without an early payment penalty is also very enticing.

Of course, this is not all that Leeds has to offer as they hope that their new fixed mortgages are going to draw a bulk of the professional attention their way.  They have also added a few extra perks that should make signing a new buy to let mortgage deal with them even more tempting for landlords that are expanding their portfolios and taking advantage of the low property prices and high demand.  Each of the perks has to do with fee cuts that are usually associated with a new mortgage.

For those that are willing to take the 5.49% offer that is also fixed at a 70% LTV or higher, fee assistance is available along with a free standard valuation that is otherwise considered to be valued at about £335.  For landlords that are simply looking to re-mortgage their current mortgage, free in-house legal services are also provided as part of this deal to make it as simple as possible.  Sales and marketing director for Leeds Kim Rebechhi stated the new five year product is aimed to help professional landlords that are looking to a competitive rate and looking to help first time landlords with the assisted fee program.

Loyalty programs offer better mortgage rates to their customers

[ Posted June 14th, 2012 ]

Building societies and banks are improving their loyalty programs for customers that have existing accounts with them in an attempt for to keep borrowers who are shopping around for the best mortgage rates that will meet their needs.  Banks are offering the loyalty drugs to all account holders that are part of their ‘loyalty’ mortgage deals.  Over the last few years, many of the high street banks including Santander, Barclays, and Halifax have started to make better and lower priced mortgage deals available to borrowers that have an account with them in an effort to entice them to stick to their banks.

In order to qualify for any of the low mortgage rates banks require that their customers have had an account with them for at least two months if not more and regularly contribute a regular amount of money into that account on a monthly basis.  NatWest just opened a new loyalty deal up to its customers with active accounts that are ten basis points less than the rates that other mortgage customers receive on the standard mortgage range.  The deals are available for a five year fixed mortgage.

The products help NatWest look a lot better to its own existing customers that are looking for fixed mortgages with attached rates as low as 4.19% for their existing customers.  The new deal does have a £999 fee, but it is much better than the standard five year fixed product that comes with an attached standard rate of 4.29%.  Mortgage broker Andrew Montlake from Coreco stated that usually they do not recommend customers go with loyalty mortgage deals, but the deals have improved over the last several months and therefore they are taking another look at them.

Another loyalty deal being offered to current customers that is worth noting comes from the Co-Operative Bank and is a lifetime tracker mortgage that starts at an interest rate of 3.19%.  What is notable about the tracker deal is that it is applicable for LTVs of 75% and under making it a great deal for those who are considering remortgaging their current deal.  In order to be qualified for the deal, customers must also have held a bank account with the Co-Op for the past two months and in addition have their salary deposited into the account every month on a regular basis.

Virgin Money drops fixed mortgage rates

[ Posted June 5th, 2012 ]

The chatter among mortgage experts for the last several months has been that mortgage rates are going to start to steeply rise and that those who are not yet on fixed deals should jump in before it is too late.  With many banks such as Halifax and RSB choosing to increase their SVRs, it looks as if the experts are right and as May closes most experts are predicting that more major lenders and building societies are also going to hike their rates.  With this in mind, it is a pleasant surprise to hear that Barclays and Virgin Money have dropped their fixed deals by .2%.

Virgin Money announced at the end of this week that they have reduced some of their buy to let mortgage rates and select fixed mortgage deals by .2% to help entice property owners that want the safety of a better fixed rate in the uncertain housing market.  For landlords, the buy to let mortgage rate of 3.85% may be enticing although certain credit restrictions and a set LTV value are required in order for this deal to fully be taken advantage of.  The rate will change slightly depending on these factors.

Residential homeowners are likely to find the two year fixed mortgages to be attractive.  Those seeking a two year product will want to take a look at the 3.55% available with a high enough LTV and those who prefer the security of a five year mortgage term will want to look at the 4.09% rate.  Once again, the amount of equity that you have in your home already or LTV that you can afford will impact the final rate, but for those who have been paying much more or are stuck on an undesirable SVR this may be a great solution.

Those interested in the deals can find them available via Northern Rock Bank which was purchased by Virgin Money in 2011.  Borrowers that are interested in the deals can also head online to fill out a mortgage application or go through a registered mortgage broker.  An official statement from Virgin Money also added that customers will also be able to take advantage of the cash back incentives that are normally offered on the same products.  They also added in the statement that remortgage customers can also qualify for free valuation and free legal services. aims to provide every client with cheap, affordable and best mortgage loans in the UK market, however the actual mortgage rate available will depend on client's financial circumstances and credit history. Although, has made every effort to ensure that the mortgage rates listed are correct, it bears no responsibility in case of an error. 
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