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Bank of England holds base rate at 0.5%
The Bank of England has maintained the base rate at 0.5 per cent and the size of the asset purchase programme at £375bn.
The Monetary Policy Committee has voted to keep the base rate at the record low where it has remained since March 2009.
The quantitive easing programme has remained unchanged since July 2012 when it was raised by £50bn.
NatWest have new products out
1.95% 2 Year 60% Fixed
Fixed until 31/10/2015
Max 60% LTV
£1,495 product fee
2.75% 5 Year 60% Fixed
Fixed until 31/10/2018
Max 60% LTV
£1,495 product fee
3.39% 3 Year 80% Fixed
Fixed until 31/10/2016
Max 80% LTV
£995 product fee
4.59% 2 Year 90% Fixed
Fixed until 31/10/2015
Max 90% LTV
£995 product fee
All above products are available for purchase & remortgage, and have a free valuation & free legals for remortgages
Scottish Widows Bank – new products announced, including Professional range
Scottish Widows Bank have announced they are making changes to their Professional and Flexible mortgage product range.
All Fixed rate end dates are being extended to 31 August 2015 for 2 year products, and 31 August 2018 for 5 year products.
Professional product range
New 3.24%, 75.01% to 80% LTV, 2 Year Fixed Rate
New 3.94%, 80.01% to 85% LTV, 2 Year Fixed Rate
New 4.94%, 85.01% to 90% LTV, 2 Year Fixed Rate
Flexible product range
New 2.44%, up to 60% LTV, 2 Year Fixed Rate
New 3.04%, 60.01% to 75% LTV, 2 Year Fixed Rate
New 3.64%, 75.01% to 80% LTV, 2 Year Fixed Rate
New 4.24%, 80.01% to 85% LTV, 2Year Fixed Rate
All the above products are available on a Repayment basis only, and have a £1499 lenders arrangement fee, which can be added to the mortgage loan.
Accord increases max LTV to 90% for flats
Accord increases max LTV to 90% for flats
Accord Mortgages has increased the maximum loan to value it will lend on flats and apartments as it seeks to give further help to first time buyers.
The intermediary lender has changed its policies to allow borrowing of up to 90% LTV on flats and apartments, up from 85%.
LTV limits on new build flats and apartments have also been increased, to 85% from 75%.
The changes bring Accord’s lending policies on flats and apartments in line with that for houses.
Nationwide’s April House Price Index
UK house prices little changed in April.
Price of a typical home declined by 0.1% between March and April, but was 0.9% higher than April 2012
The typical UK home is now worth £165,586
Headlines Apr 13 Mar 13
Monthly Index* 329.5 329.7
Monthly Change* -0.1% 0.0%
Annual Change 0.9% 0.8%
Average Price (not seasonally adjusted)
£165,586 £164,630
* Seasonally adjusted figure (Note that monthly % changes are revised when seasonal adjustment factors are re-estimated)
Halifax launch fee-saver products for Help to Buy, First buy, NewBuy and MI New Homes mortgages.
Halifax launch fee-saver products for Help to Buy, First buy, NewBuy and MI New Homes mortgages.
A new ‘stamp duty special’ product range has been annoumced where Halifax will pay 100% of Stamp Duty Land Tax on selected products for first time buyers who fall into the 1% bracket (property purchase price between £125,001 and £250,000):
A choice of products will be available for first time buyers across the core range, affordable housing, Help to Buy/First Buy, NewBuy and MI New Home products
Cashback amount will equate to between £1,250 and £2,500
The payment will be made to the conveyancer on completion.
Their £500 cashback offer will be withdrawn from existing homemover and first time buyer products.
March house prices show increase of 0.9%
The March data from Land Registry’s House Price Index shows an annual price increase of 0.9 per cent which takes the average property value in England and Wales to £161,793.
The monthly change from February to March shows an increase of 0.1 per cent. Repossession volumes decreased by 18 per cent in January 2013 to 1,317 compared with 1,602 in January 2012.
The region in England and Wales which experienced the greatest increase in its average property value over the last 12 months is London with a movement of 9.6 per cent.
London also experienced the greatest monthly rise with a movement of 2.5 per cent.
The region with the greatest annual price fall is the North East with a decrease of 5.5 per cent.
The North West saw the most significant monthly price fall with a decrease of 2.5 per cent.
The most up-to-date figures available show that during January 2013, the number of completed house sales in England and Wales decreased by 5 per cent to 41,763 compared with 43,752 in January 2012.
The number of properties sold in England and Wales for over £1 million in January 2013 increased by 28 per cent to 610 from 476 in January 2012.
Yorkshire BS offers 10-year fix at 3.99%
Yorkshire Building Society is offering borrowers long-term peace of mind with its new best buy 10 year fixed rate mortgage.
The deal – with a best buy rate of 3.99% for mortgages up to 75% LTV – is launched today.
The mortgage has no product fee and the rate is fixed until 30 June 2023.
An offset equivalent is available at 4.19%.
In addition, this mortgage is portable which means borrowers could transfer it if they move home between now and June 2023.
2 Year Fixed at 2.19% intermediary exclusive from Virgin Money (was Northern Rock)
2 Year Fixed at 2.19% intermediary exclusive from Virgin Money (was Northern Rock)
Virgin Money will launch an Intermediary Exclusive 2 Year Fixed rate at 2.19% and make reductions to selected products at 70% LTV.
The exclusive product is available to residential customers with loans of up to £300,000, who apply through an intermediary registered with a Virgin Money national account.
They are also increasing cashback on BTL products with a flat fee, meaning the full BTL range now offers £750 cashback.
Summary of changes
Residential
New Intermediary Exclusive 2 Year Fixed rate at 2.19% with a £1,095 fee up to 60% LTV
Selected 2, 3 and 5 Year Fixed rates at 70% LTV reduced by up to 0.15%:
2 Year rates will start from 2.34%
3 Year rates will start from 2.39%
5 Year rates will start from 2.89%
Selected 2 and 3 Year Trackers at 70% LTV reduced by up to 0.15%
Selected Fixed and Tracker rates at 80%, 85% and 90% LTV will be amended with 2 Year Fixed rates at 80% LTV starting from 3.39%
BTL
£750 cashback now available across all Buy to Let products
Selected 2, 3 and 5 Year Fixed rates reduced by up to 0.54%
2 Year Fixed rates will be available from 3.55% with £1,995 fee
2 Year Trackers with a £995 fee reduced by up to 0.54%
N&P launches very competitive mortgage scheme
Norwich & Peterborough Building Society has launched a highly competitive three-year mortgage available to borrowers with deposits of 40% and over.
This deal, available to purchase and remortgage borrowers, offers a rate of 2.49% fixed for three years and has a maximum loan-to-value of 60%.
An arrangement fee of £295 is payable, either upfront or added to the mortgage advance.
A free valuation is offered to all borrowers, whilst those looking to purchase will receive a £200 rebate. Remortgage borrowers can take advantage of free legal fees.
Flexible features, such as overpayments, underpayments and payment holidays are available.