More Good News on the Mortgage Front
Posted on 22 July 2008 by
On Thursday Bank of Ireland will reduce the rates on all their mortgages by between 0.25% and 0.7%. They currently only offer 3 and 5 year fixed rates.
They are one of the few lenders still offering 95% mortgages, albeit only on their 1start scheme, which is aimed at First Time Buyers and requires a parent to go on the mortgage with the son or daughter. The rate on this deal, a 3 year fix, is being reduced by 0.4% to 7.49% with a £799 arrangement fee and no Higher Lending Charge.
Also particularly encouraging for First Time Buyers is the fact that the biggest reductions (0.7%) are on their mortgages with a maximum LTV of 90%. The rate on these is coming down to 6.99%, but with a 1% fee. Better rates are available elsewhere but it is unusual and welcome in this market to see a lender making its biggest cuts on their higher LTV mortgages.
These changes follow the launch tomorrow by Abbey of some new products and reductions, generally of about 0.1%, in the rate of some existing ones, both signs that some competition is creeping back into the mortgage market.
Categories: Mortgages, Interest rates
The blog postings on this site solely reflect the personal views of the authors and do not neccessarily represent the views, positions, strategies or opinions of Charcol Limited. All comments are made in good faith, and neither Charcol Limited nor Ray Boulger will accept liability for them.
Post a Comment
Please keep your comments relevant. Charcol reserves the right to edit or delete comments.