Mortgage best rate competition heats up

While house prices may no longer provide the excitement they once did, the housing market remains feverishly busy, largely fuelled by home owners remortgaging in search of the best mortgage rate.

Home loan lending over November reached the second highest monthly level ever recorded, and a deluge of people are continuing to compare mortgage rate deals.

Provider competition in the market has also heated up with a series of new offers all bidding to scoop buyer interest. Yorkshire Building Society is currently drawing a lot of attention to a new range of two-year fixed rate offers.

The new portfolio of deals includes an offer fixed at 4.38 per cent, with loans of up to 95 per cent of property value available for fees of £495, plus an additional £195 for remortgagers

Skipton Building Society is also making waves with a three year fixed rate deal at 3.99 per cent, available for up to 95 per cent of property value, and with no legal or valuation fees for re-mortgage customers.

Buyers will be locked in to an extended tie-in, with a three per cent fee charged if they switch lenders. The Skipton variable rate of 5.89 per cent which the mortgage transfers to after the three year period, is very competitive, however.

Nationwide has announced details of a very attractive range of fixed rate deals, available for up to ten years. Two year offers are priced from 4.59 per cent, three years from 4.79 per cent, five years from 4.79 per cent and ten years from 4.89 per cent.

Reservation fees are required on all deals, charged at £399 for up to three years and £199 up to ten years.

© Adfero Ltd

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