Williams Hedge Residential & Commercial Estate Agents are based in Paignton and Kingskersell and cover Torbay and Teignbridge. Our Blog gives sellers and buyers, hints, tips and advice as well as up to date news about us, the Local Devon Market, the UK Market, mortgages and First Time Buyer News

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Wednesday, July 13, 2011

Mortgage Deals

Best Mortgage Deals this month
 Recent reports have shown that the average fixed and tracker mortgage rates have fallen to their lowest level since 1988. Moneyfacts.co.uk have reported that the average two year fixed rate is now 4.32% and the  average five year fixed rate mortgage is 5.29%. Tracker mortgage rates  have also fallen; a 2 year tracker mortgage rate now averages at 3.58%.
Previously it was just those with a high deposit that could benefit  from reductions in mortgage rates but now discounts are being applied  across all Loan to Value (LTV) tiers. Michelle Slade, spokeswoman for Moneyfacts.co.uk explains; “While rates may still fall slightly it is likely that some  lenders will instead opt to make existing competitive deals available to  the lower LTV bands.”
 Where can I find these mortgage deals?
 We've looked at all the current mortgage deals available and independently picked the ones we think offer the best deals:
Best long term fixed rate
Nationwide 5-year fixed rate mortgage. This is the current market leading five year fixed rate mortgage, it  offers a fixed rate of 3.89% with a £900 mortgage arrangement fee (£300  paid back for First Time Buyers). You will need at least a 30% deposit  to benefit from this deal.
Best 2-year fixed rate
Woolwich 2-year fixed rate mortgage This mortgage has a high mortgage arrangement fee at £1,999 for a 2.69%  rate. They do offer a lower mortgage arrangement fee with a higher rate  of interest which may suit you better depending on your  circumstances. This mortgage rate is for those with a 30% deposit.
Best tracker mortgage rate
Woolwich 2-year tracker mortgage .  This deal offers a 2.29% initial rate until 31/08/2013, rising to a  rate of around 3.49% subsequently. To receive this rate you will need a  30% deposit and pay a £999 mortgage arrangement fee.
First Direct 2-year tracker mortgage If you can stretch to a 35% deposit then you can benefit from First  Direct’s 1.99% initial rate (2 years) and a subsequent rate of 3.69%.
The best offer depends on your circumstances, how much you are borrowing and over what period of time.
Best low deposit mortgage rate
HSBC have just launched a  range of mortgages for people with a 10% deposit. They offer a tracker  mortgage at 4.19% above base rate or a 2 year fixed rate of 4.99% both  of which come with a £599 mortgage arrangement fee.
Best first time buyer mortgage rate
Yorkshire Building Society- Are offering a fixed rate of 5.39% until 30th Sept 2013 with a 10% deposit. In addition, they are offering a number  of incentives for First Time Buyers including no arrangement fee, legal  fees paid and £500 cashback.
These fees/rates are all correct at time of publish, please check with individual providers for more details.

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