... but some of the mortgages on offer look very tempting

Now that the first round of conversions from building society to banks has come to an end with Northern Rock making the switch, all those borrowers who were locked in to existing lenders while awaiting windfalls are free to seek better deals.

Abbey National's Autumn mortgage collection includes fixed rates of 6.49 per cent for five years for borrowers who want less than 75 per cent loans to value, and 6.99 per cent for up to 95 per cent loans to value. Bonuses of up to pounds 325 are available to cover survey fees but a booking fee of pounds 250 and Abbey's own buildings and contents insurance are required, or the rate goes up by 0.2 per cent.

A three-year fixed rate of 6.45 per cent is available, and a 10-year rate of 7.59 per cent is available on loans up to 95 per cent of valuation, both with survey bonus, booking fee and insurance requirement attached. Fixed-rate loans until end-January 2001 are available with the same trimmings and no lock-in period to follow on this one.

Royal Bank of Scotland is offering 100 per cent loans at 7.79 per cent fixed for three years, 7.89 per cent fixed for five years and 8.39 per cent fixed for 10. Free unemployment cover is available for a year, while loans up to 95 per cent get lower rates and four years' free cover.

Nationwide is offering an innovative reducing fixed rate mortgage which starts at 8.29 per cent in year one, falling to 7.49 per cent, 6.99 per cent and then 5.99 per cent in year four, an average of 7.19 per cent. Capped mortgages, guaranteed not to exceed 8.99 per cent for three years, are available without redemption penalties.

FirstMortgage has launched a three-year discounted variable-rate mortgage starting at 5.95 per cent to complement its three-year 6.25 per cent fixed rate offer.