What's new in the mortgage market for 2013
A roundup of the latest new products and rates launched since the start of the year
Alex Johnson has been part of The Independent's online team since 2007. He has been writing about microarchitecture on his internationally-acclaimed Shedworking blog since 2006 and is the author of Shedworking: The Alternative Workplace Revolution. His latest book is Bookshelf, published by Thames & Hudson.
Thursday 10 January 2013
Yorkshire Building Society
The Yorkshire is reducing interest rates by up to
0.35per cent on a wide range of its products, including fixed rate,
tracker and offset mortgages at 75 per cent, 85 per cent and 90 per
cent LTV (loan to value).
Best buy fixed rate mortgages at 75 per cent LTV include a two
year fixed rate at 2.49 per cent, a three year at 2.69 per cent and
a five year at 2.99 per cent.
Borrowers with a smaller deposit can benefit from a best buy two
year fixed rate mortgage at 3.79 per cent up to 90 per cent LTV.
All these products have a £995 fee but the Yorkshire also offers
lower fee alternatives with incentives such as cashback or free
valuations and legal service for borrowers trying to reduce their
From 14 January Barclays will introduce a mortgage to help boost the first time buyer market, giving new buyers access to affordable mortgages with a five per cent deposit. It provides first time buyers with a three year fixed rate available with a five per cent deposit at 4.69 per cent, while their family opens a savings account linked to the mortgage into which they put 10 per cent of the purchase price. When the three year fixed rate ends the savings are returned to the family.
There will also be a three year fixed rate deal for those with a 30 per cent deposit, which sees the largest cut of 1 per cent to 2.89 per cent. The two and five year fixed rates Barclays will be offering are priced at 2.39 per cent and 3.39 per cent, for those with a 40 and 30 per cent deposit respectively.
Leeds Building Society
Leeds Building Society has changed its current 2 Year fixed rate mortgage deals into a range of New Year sale products. The completion fee of £800 has been removed and a free standard valuation up to £335 added. In addition, the Society is offering free legal services for standard re-mortgages.
The Society's 2 Year Fixed Rate products are available at current rates of 2.54 per cent up to 75 per cent loan to value (LTV), at 2.94 per cent up to 80 per cent LTV and at 3.54 per cent up to 85 per cent LTV. All tiers of the product allow 10 per cent capital repayments each year without penalty, have no higher lending charge and a booking fee of £199.
Cambridge Building Society
Key changes include:
* Reduced rates across the range
* A range of ‘fee free' re-mortgage deals - no application fee and no standard legal/valuation fees
* Product completion fees can now be added to the loan above the LTV tier
Among nine new products there are two fixed rate two year products and three two year trackers available for purchase and remortgage cases. The new range also includes four remortgage only products - two trackers and two fixed rates - which are available with a £300 contribution to legal fees. All new products come with a free valuation.
Coventry Building Society
Coventry Building Society has a range of 2 and 5 year fixed rates, available from 65 per cent LTV to 85 per cent LTV. The new range allows overpayments of 10 per cent on all new products and includes a legal and valuation package for remortgages.
* A new 2 year fixed rate mortgage at 90 per cent LTV launched at 4.99 per cent with £995 fee for first time buyers
* Reductions of 0.15 per cent on 2 year tracker mortgages for homemovers and remortgage customers, with rates now starting at 2.64 per cent
* New 5 year fixed rates with £995 fees available up to 90 per cent LTV for homemovers and 85 per cent LTV remortgage customers with rates starting at 3.34 per cent and 3.39 per cent with a £995 fee
* A new 90 per cent LTV option for homemovers and first time buyers in the form of a 5 year fixed rate year product at 5.69 per cent ( with £995 fee for homemovers and no fee for first time buyers)
In addition, Halifax is offering first time buyers £1,000 cashback and no product fees on selected 2, 5 and 7 year 75 per cent to 90 per cent LTV fixed rate products.
Norwich & Peterborough Building Society
New fixed rate mortgage deals from N&P include a five year fix at 3.19 per cent at 75 per cent LTV. For borrowers wanting to fix for a shorter term, N&P has a three year fixed rate mortgage at 2.84%, also at 75% LTV.
Surrounded by glorious countryside in the village of Udimore, sits this impressive four-kiln oast and barn conversion
A five-bedroom house in the picturesque village of Kettlewell, north Yorkshire
An 18th-century former coaching inn with original staircase, open fireplaces and beams throughout
A Grade II-listed Georgian town house with three bedrooms and a south-facing courtyard, near Arundel Castle
Feel on top of the world at this über chic penthouse on the 37th floor of one of Europe’s tallest blocks.
A Grade II-listed Victorian villa with six bedrooms and two further cottages, all with spectacular sea views
A grade II-listed, Georgian cottage with mature 50ft garden, perfect for summer entertaining
A magnificent Georgian pile with turrets, seven bedrooms, a heated pool and four acres of gardens
Fairoak Farm has five bedroom suites, gym, outdoor swimming pool and golf course
Chic two-bedroom river-fronted flat with a private lift that delivers you directly to your home
A spectacular seven-bedroom Tudor pile, once owned by Henry VIII, with 18 acres of land
A seven-bedroom Georgian property previously used as a picturesque wedding venue
A split-level flat in a church conversion with two en suite bedrooms and 1,200sq ft of living space
A three-bedroom bungalow situated behind an impressive stone wall, £645,000
Windsor Castle overlooks this three-bedroom Victorian cottage located on one of Windsor's smartest roads
Chapel House is a former vicarage with nine bedrooms in the beautiful Upper Wye Valley
A five-bedroom B&B and separate owner's accomodation with potential for conversion
Enjoy summer by the Thames in this two double-bedroom converted warehouse in Rotherhithe village
A one-bedroom, luxury apartment with private gym and concierge service in Moorgate
A four-bedroom house in Hermitage Gardens with three reception rooms and landscaped gardens
A seven-bedroom Grade II-listed property with a separate self-contained apartment
A five-bedroom Victorian house with three reception rooms and galleried landing, £695,000
A six-bedroom farmhouse with five acres of land in a former cloth-making village
A secluded seven-bedroom detached house with large private garden, £490,000
A three-bedroom cottage overlooking Sarratt village green with open fires and solid oak floors
A three-bedroom maisonette flat in a Grade I-listed, Georgian townhouse in a sought-after location
A one-bedroom apartment located within a private gated development, north of Turnham Green
Look forward to a brighter future at two-bedroom Sunny Cottages, ideal for Londoners looking to downsize
A three-bedroom red-brick cottage with outbuildings and pretty gardens, £200,000
This three-bedroom flat within a former textile factory spans the corner of the fourth floor and has a balcony
A charming four-bedroom Oxfordshire cottage with oak floors and chunky-beamed ceilings, £465,000
A beautiful one-bed flat in a sought-after portered block, with access to Norland Square communal gardens
A one-bedroom flat within a Sixties school conversion with high-spec design and open-plan kitchen, close to Lambeth North Tube, £435,000
A 17th century four-bedroom house, with open fireplaces, cellar and pool, £600,000
A three-bedroom, coach house with luxury open-plan living space and contemporary breakfast bar
A newly refurbished one-bedroom flat in the heart of Mayfair, close to Grosvenor Square
A charming four-bedroom house overlooking Burleigh Square Park, close to Thorpe Bay
A three-bedroom farmhouse with a large inglenook fireplace and exposed beams
A boutique mews house, set around a central courtyard, with three bedrooms and a private roof terrace
A four-bedroom farm-conversion with three bathrooms and two reception rooms
A two-bedroom detached house with ensuite bathrooms and a sun-drenched decked terrace, £750,000
A modern and spacious two-bedroom, penthouse flat with two bathrooms in a prestigious development
A beautifully renovated five-bedroom terrace with three reception rooms and a courtyard garden, £700,000
A four-bedroom period house which has been extended to provide almost 2,500sq ft of living space, £675,000
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