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Best rate mortgages on short lifespans

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by Gill Montia

Mortgage Adviser, the weekly trade publication, is advising homeowners to act speedily if they are satisfied they have found a good mortgage deal.

According to the magazine, home loans with the most attractive rates are being withdrawn from the market at short notice.

In addition, a number of banks and building societies are apparently marketing home loans with low interest rates for a very limited period.

For example, two weeks ago Halifax, the UK’s largest mortgage lender, offered a market-leading two-year tracker rate at 0.11% below the Bank of England’s base rate.

However, the offer was available for less than 48 hours, with Halifax explaining: “A lot of our rates are only available for a very limited period.”

This brief debut has been followed by enticing offers from Coventry Building Society and Bristol & West, both of which have withdrawn market-leading deals at short notice.

In some cases homeowners who had applied for the rate have been left to recommence their search.

Coventry has excused itself by saying it tries to give two days’ notice of withdrawing a rate, and Bristol & West claims it acted because of high demand.

Both also blamed volatile market conditions for their snap decisions.

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News posted: February 4, 2008

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