Lenders increase options and pass on rate cuts
- 18th December 2008
- Selling Property News
With the Nationwide 95 per cent LTV and Barclays SVR drop of 1.15% mortgage options are on the increase.
Following on recent reductions after November’s bank of england base rate cut, lenders have been cutting their standard variable rate (SVR) offers again. Some lenders are also increasing their loan to value offers which were cut back just a few months ago.
Lenders who dropped their SVR included -
HBOS, HSBC, Lloyds TSB, Nationwide, RBS, Alliance & Leicester, Bradford & Bingley, Bristol & West, the Abbey.
The Co-operative Bank has dropped its SVR to 4.74% from 1st of January 2009, seeing it drop by 0.5%
From the 19th of December, Abbey mortgage rates offering 2 years at 4.64% LTV 75% fee £549. The rate increases as the number of years fixed or LTV goes up, for instance 85 LTV is offered at 5.85% for five years with the cheapest five year fixed being at 4.95% for 60 LTV (with £995 for all 5 year fixed deals).
The Nationwide is bringing back its tracker mortgage on a two year deal and is offering higher loan to value deals of up to 95 per cent.
To see a table of mortgage lenders reduced SVRs click to the below BBC link
For remortgaging, the higher LTV mortgages are welcomed given the trend for surveyors' lower house valuations.
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