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- Why are Specialist Lenders More Open to Lending Than Traditional Banks?
- No Brexit Deals and Bridging Loans
- The most (and least) popular reason why investors applied for a bridging loan in Q2 2018
- Lender Reliability an Increasing Factor for Bridging Loan Brokers
The Lowest Fixed Rate Mortgage Deals Right Now
Once again, major lenders are dangling the proverbial ‘carrot’ in front of would-be buyers with a raft of enticing fixed rate mortgage deals. It’s getting increasingly tricky to qualify, but for those who do, there are some decent deals doing the rounds right now.
Two-Year Fixed Rate – up to 60% LTV
For example, there’s a 0.99% deal on two-year fixed rate mortgages up to 60% LTV on offer at the Yorkshire Building Society, alongside a £1,495 arrangement fee.
There’s also a decent 1.09% deal on offer at Sainsbury’s Bank which comes to an end on the last day of October 2019. This time with a £995 arrangement fee to pay.
Top Tip: Arrangement fees are standard admin charges banks impose on mortgage deals, which may be required up-front or when the purchase is completed.
Two-Year Fixed Rate – up to 90% LTV
If looking to borrow a little more toward the cost of a home, The Co-operative Bank is offering a two-year fixed rate deal of 1.79% until the end of November 2019, with an arrangement fee of £1,349.
Likewise, Platform Loans is currently offering the same 1.79% until the end of November 2019 with a £1,499 arrangement fee, though with the added bonus of £250 cashback.
Top Tip: Mortgages via Platform Loans are provided by the Co-op and can only be accessed via a broker.
Five-Year Fixed Rate – up to 60% LTV
Over in the five-year arena, Digital Mortgages has an offer on until the 22nd of December 2022, charging 1.59% with an arrangement fee of £900.
As for HSBC, the same 1.59% is available over five years with an arrangement fee of £900.
Top Tip: The arrangement fees combined with valuation charges may add up to £1,200 or so, but as a five-year deal at around £236 per year, this still represents great value for money.
Five-Year Fixed Rate – up to 90% LTV
Last but not least, five-year deals up to 90% LTV are headed by Digital Mortgages, which until November 30, 2022 are up for grabs from 2.39%, with a £900 arrangement fee.
As for the Co-operative Bank, things step up to a slightly higher 2.45% with an arrangement fee of £1,349.
Top Tip: There’s also the option of a 2.45% deal at Atom Bank (operator of Digital Mortgages) with zero arrangement fees to pay.
Alternative Financial Solutions
The above represents just a small sample of the kinds of conventional mortgages being offered right now by some of the High Street’s major lenders. Whatever your intended property purchase, we highly recommend considering the alternative financial solutions that may be available.
UK Property Finance specialises in specialist development finance, bridging loans, secured loans and a variety of intelligent financial solutions. We provide access to 100% bespoke financial solutions for all types of property purchases, with fees and interest rates that typically undercut those of all major lenders.
For more information or to discuss any of our financial products, get in touch with the UK Property Finance team today.