News Tag: two year
March 10, 2010
The average cost of a two-year fixed-rate mortgage fell to a six-and-a-half-year low during February, according to new figures from the Bank of England.
The average rate stood to 3.88%, down from 3.97% a month earlier to a level last seen in July 2003.
Five-year fixed-rates also eased last month, declining to an average 5.49%, down from 5.56% in January, and despite ...
Two and five-year fixed rates trimmed back
by Gill Montia
March 5, 2010
Coventry Building Society has announced plans to reduce the rates on its residential re-mortgage products.
The new lower rates include a 2-year fixed-rate deal at 3.5% with £999 fees at 65% loan to value.
The lender also revealed a new fixed-rate mortgage offering borrowers the opportunity to make unlimited overpayments without penalty.
The new range of unlimited repayment re-mortgage products includes a two-year ...
Coventry allows unlimited repayments on 3.99% mortgage
by David Masters
February 10, 2010
Tracker rates fell to record lows in January, Bank of England statistics have revealed.
For those with a 25% deposit, the rate on the average tracker deal declined to 3.63%, down from 3.92% in December.
The shift indicates that competition is hotting up, given that the base rate has now been maintained at 0.5% for eleven consecutive months.
Furthermore, the average rate on a two-year ...
Tracker rates hit record lows
by Gill Montia
November 23, 2009
Moneyfacts.co.uk has revealed that the average interest rate on a two-year fix has fallen below 5% for the first time since June.
Rates peaked at 5.21% in July but despite declining swap rates have only now come down to a typical 4.99% because banks and building societies, fearful of risk, have been upping their margins.
However, Moneyfacts spokeswoman, Michelle Slade, believes ...
Average two-year fixed rate falls below 5%
by Gill Montia
September 3, 2009
HSBC has launched a new range of mortgages that includes a two-year discount deal at 1.99%.
However, the bank's "lowest-ever" rate is only available to borrowers with a 40% deposit.
Those with at least 25% to put down can benefit from a discounted rate of 2.49%, compared to the lender's current standard variable rate of 3.94%.
Both loans come with an arrangement fee ...
HSBC grabs headlines with 1.99% discount deal
by Gill Montia
June 21, 2009
Latest figures from Moneyfacts.co.uk show a sharp rise in the cost of a two-year fixed-rate mortgage during the past week.
According to the financial website, the average cost of a two-year fixed-rate deal increased by 0.16% between Monday and Friday, to 4.90%.
Meanwhile, five-year fixes increased by an average 0.21% over the same period, to 5.82%.
Nationwide began the round of increases and has ...
No turning back for fixed rates
by Gill Montia
May 15, 2009
Principality Building Society has launched a new two-year bond aimed at silver savers.
The e-bond is available online to savers aged over-50, and pays interest at a fixed rate of 4% AER.
Savers can deposit between £5,000 and £100,000 into the account.
Interest is calculated daily, and customers can opt to have their interest paid monthly or yearly.
No withdrawals are permitted before the bond ...
Principality launches 4% e-bond for over-50s
by David Masters
April 26, 2009
Alliance & Leicester (A&L) has launched a two-year tracker at 2.45% above base rate (currently 2.95%).
The mortgage is available to both homebuyers and remortgagers who can stump up a deposit of at least 25%. It comes with a fee of £499 and the maximum loan size is £250,000.
According to the lender's director of mortgages, Nici Audlam-Gardiner, research shows that among remortgagers, ...
A&L launches two-year tracker at 2.95%
by Gill Montia
February 12, 2009
Halifax has increased the cost of some of its fixed-rate home loans for new customers, effective from next week.
The UK's largest mortgage lender has hiked rates on 18 of its 52 fixed-rate deals by 0.2%.
The move will not please the Government, which has so far committed £11.5 billion of taxpayers' money to the bank, enabling its merger with Lloyds TSB.
The rise also comes ...
Halifax increases fixed-rates
by Gill Montia
January 15, 2009
HSBC is launching a new home loan at the astonishingly low rate of 2.99%.
However, the lender's Premier two-year discount deal is only available to its Premier customers who must hold £50,000 in savings and investments with the bank or already have a £250,000 mortgage with HSBC.
They will also need a minimum income of £75,000 plus 40% of the equity in the ...
HSBC launches 2.99% two-year discount mortgage
by Gill Montia
December 3, 2008
Alliance & Leicester (A&L) has unveiled a new range of fixed-rate mortgages, available from 4th December.
The lender, which is part of the Santander group, is reducing rates by up to 0.90%.
Its offering includes a two-year deal at 4.94% (previously 5.79%), fixed until 31st December 2010.
Customers can borrow up to 75% of a property's value and the maximum loan size is £250,000; ...
A&L cuts rates on two-year fixes
by Gill Montia
November 14, 2008
New research from Moneyfacts illustrates the extent to which fixed-rate home loans have resisted recent cuts in the Bank of England's base rate.
The financial website has found that interest on the average two-year fixed-rate mortgage currently stands at 6.13% and according to the firm's analyst, Michelle Slade, has remained almost constant during the past few months.
However, lenders' costs of funding the loans ...
Lenders resist lowering fixed-rates
by Gill Montia
October 15, 2008
RBS and its subsidiary, NatWest, have launched a new two-year fixed-rate home loan.
Borrowers with a minimum 15% deposit can benefit from a rate of 5.74% and a reduced fee of £499.
The rate on the new deal is up to 0.45% below those on similar products offered by the lenders, while the fee is down from £999.
The new fix is available ...
RBS and NatWest launch 5.74% two-year fix
by Gill Montia
September 3, 2008
Financial website, Moneyfacts.co.uk, has reported that the average interest rate charged on a two-year fixed-rate home loan now stands at 6.39%, down from a peak of 7.08% at the beginning of July.
Michelle Slade, analyst at Moneyfacts, has confirmed that rates on this popular type of mortgage have returned to the levels seen just prior to the onset of the credit ...
Two-year fixed rate average falls to 6.39%
by Gill Montia
August 22, 2008
Financial data provider, Moneyfacts, has announced that rates on the typical two-year fixed mortgage have returned to their 2007 levels.
Interest on the average two-year fixed-rate deal is now down to 6.59% from a high of 7.08% earlier this year.
However, potential borrowers will need a hefty deposit to benefit from the fall because the average deposit being demanded by lenders has risen ...
Two-year fixed-rates return to 2007 levels
by Gill Montia
August 1, 2008
Legal & General Mortgage Club is launching a two-year tracker loan at 5.99% (base rate plus 0.99%) on 9th August.
The new deal, which is available at up to 75% loan-to-value for new purchases and remortgages, is being provided by Scottish Widows Bank, in its first offering through the mortgage club.
The loan carries a £999 arrangement fee, which can be ...
L&G mortgage club launches two-year tracker at 5.99%
by Gill Montia
July 22, 2008
Moneyfacts.co.uk has announced that the average interest rate on a two-year fixed-rate mortgage has fallen to 6.96%.
Market swap rates have soared in recent months, taking rates on this popular type of loan to a ten-year high of 7.08%.
However rates on the two-year and other fixed deals are now falling. In the case of the three-year fix, by 0.12% and on the ...
Average two-year fixed-rate drops below 7%
by Gill Montia
June 25, 2008
New borrowers taking out two-year fixed-rate mortgages now face paying interest at over 7%.
According to Moneyfacts, the financial information website, rates on this highly popular type of home loan are at their highest since February 1997.
Five years ago, two-year fixed mortgage rates were around 4% and the increase means that the monthly cost of repaying an average £155,000 loan ...
Rates on two-year fixed mortgages top 7%
by Gill Montia
