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 and writes The Home Front property column. He was shortlisted for Property Columnist of the Year in the 2015 LSL Property Press Awards. He has been writing about microarchitecture on his internationally-acclaimed website Shedworking since 2006 and is the author of three books, Shedworking: The Alternative Workplace Revolution, Bookshelf, and Improbable Libraries. He' also a half-decent snooker player.
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.
With four bedrooms, this spacious maisonette in a mid-terrace period-style house in Holland Road is well-maintained and offers high ceilings and period features.
The terraces of this two-bedroom penthouse apartment offer panoramic views that stretch over fifty miles from the cliffs of Beachy Head.
In the heart of the coastal village of Mumbles and moments from the pier, this five-bedroom Victorian terrace is set over three floors and retains many original features.
In a sandbanks location, moments from the beach, this three-bedroom apartment has a large open-plan living area and a south-west facing balcony.
This four-bedroom home has an annexe accessed from the side of the house, with potential for improvement and conversion subject to the necessary permissions.
In the heart of the hamlet of Wardley, this five-bedroom period home offers countryside views and a stylish interior, with original features and open fireplaces.
Offering countryside views and landscaped gardens, this three-bedroom Grade II-listed lodge has a spacious conservatory and a large cellar that could serve as a workshop.
Set in approximately 1.5 acres, this four-bedroom home comes with a second, detached property that's currently used as an annexe.
In the hamlet of Newchurch, this former parish church is now a four-bedroom home complete with clock tower and eyrie.
Offering scenic views from a large balcony and sun terrace, this four-bedroom home has a wraparound garden and a heated swimming pool.
Offering views across the Humber and East Yorkshire Wolds from a glass panelled balcony, this four-bedroom barn-style home befits a life of leisure.
This four-bedroom home offers versatile accommodation with annexe potential; features include a hot tub, sauna and Norwegian BBQ hut.
Well-located for schools, colleges and the town centre, this contemporary thatched cottage offers flexible living space with six bedrooms.
Built in 1907, this four-bedroom Edwardian period home has been refurbished by the current owners, retaining many original period features.
Surrounded by landscaped gardens, this five-bedroom home offers living space across three floors.
This lovely country home in Burnham Market is currently run as a popular holiday cottage, with five en suite bedrooms and colourful gardens.
This three-bedroom 17th-century former village bakery is just a few miles from the East Sussex coast.
Set on a landscaped plot, this light and airy four-bedroom home comes with a log burner in the lounge, a fitted kitchen and an open-plan ground-floor layout.
Set sail for this four-bedroom farmhouse in Cowes. With five acres of land and an indoor pool, this home oozes character. There is even potential to let a one-bedroom annexe.
Built on a former chapel site, this impressive four-bedroom home boasts balconies, stunning views and contemporary modern living.
This three-bedroom house is situated in a quiet mews and set over three floors. Features include glazed staircases and high ceilings.
A period townhouse set over four floors, this five-bedroom home was built in the 18th Century and retains many original features.
With five bedrooms, this spacious home offers beautiful gardens and modern interiors - set within the popular market town of Bingley.
A few miles from the seaside at Perranporth, this four-bedroom farmhouse sits amongst nine acres of idyllic grounds - including a lake and two barns used as holiday lets.
In the pretty market town of Bungay, this grade II-listed Mill House is arranged over four floors, offering four bedrooms and three reception areas.
This first-floor flat comes with two bedrooms, an impressive open-plan reception room and two lovely roof terraces.
This five-bedroom home comes with a range of outbuildings including a large barn which could be converted into a self-contained granny-flat or rental.
Moored at Taggs Island and reached via a pretty garden, this two-bedroom houseboat has a vaulted reception room and skylit garden studio - currently a beauty salon.
On the edge of the city, this six-bedroom home comes with an outdoor swimming pool and a large garage block that has annexe potential.
A contemporary house spread over three storeys, this three-bedroom detached home has large sliding doors that open out to the River Quaggy.
Moored in Chelsea's Cheyne Walk, this houseboat offers two double bedrooms and a teak deck that's ideal for al-fresco dining.
This former village bakery, dating back to the 17th century, is now a three-bedroom detached home just a few miles from the East Sussex coast.
On the picturesque Isle of Man, this four-bedroom character home has a ground-floor shop that's currently run as a newsagents and a flat that would make an ideal holiday let.
In a new collection of flats, this first-floor two-bedroom apartment offers ample entertaining space and a prime view of Furze Green from a private balcony.
This three-bedroom stone-built cottage currently trades as the village store with a restaurant in the annexe and family accommodation on the upper floors.
Previously two semi-detached properties, this five-bedroom home is spread over three floors with a large breakfast kitchen, orangery, office and gym on the second floor.
This five-bedroom home enjoys countryside views over the Blyth estuary to Southwold, offering flexible living space with a ground-floor annexe - ideal for use as a holiday let.
Close to the market town of Eye, this four-bedroom detached home offers a double-height living room which takes the place of the original, 19th-century, chapel nave.
Dating back to the 19th century, this four-bedroom home needs modernising. Spanning three storeys, the red-brick house has a fireplace, a small terrace and a cellar.
Just outside of Cambridge, this single-storey home offers three double bedrooms, a living room with vaulted timber ceiling and ladder steps that lead to a mezzanine study area.
This six-bedroom Georgian home is on three floors with open fireplaces, a two oven Aga, an annexe, and cottage gardens with outbuildings and a car barn.
A former coach house, Glebe Farm Stable is now a three-bedroom cottage with a double car barn, an attached office, kennels and an outbuilding that's currently used as a gym.
Located beside an impressive Victorian viaduct, this four-bedroom home has an open-plan living area that is glazed on two sides, with skylights and high ceilings.
A former furniture workshop, this three-bedroom home has high ceilings and painted brick walls, in a village setting only fifteen miles from the coast.
This five-bedroom stone townhouse features a pine staircase and an Inglenuk fireplace, double doors from the lounge give access to an enclosed courtyard.
This five-bedroom, detached home blends traditional and modern design; the sleek kitchen features a gas hob and oven set within an exposed chimney breast.
Capitalise on the fabulous views of Trevone Bay by taking two homes and creating one spacious boutique B&B. Just a cliff-top walk from Padstow.
Surrounded by woodland, this five-bedroom manor house has plenty of outdoor storage space in the form of three converted loose boxes, two smaller outhouses and a woodstore.
This six-bedroom home is set amongst three acres of grounds. Currently a large family home, Clift Hill has potential to make a B&B or countryside retreat, subject to change of use permissions.
This Grade II-listed three-bedroom home is situated on a private road, just a short walk from the sandy beaches of Frinton-on-Sea.
Less than five miles from Malmesbury, this four-bedroom cottage comes with equestrian facilities and gardens that extend to approximately three acres.
Spanning three storeys, this late-Victorian five-bedroom farmhouse is a spacious family home with a modern interior and B&B potential.
With an original church arch, this triplex one-bedroom church conversion has a light, spacious, feel and comes with a secure off-street parking space.
This recently-refurbished three-bedroom home has bi-folding doors that lead out to a decked seating area - ideal for alfresco dining this summer.
Well-located for coastal walks and popular restaurants, this detached four-bedroom home offers views over farmland, to the Solent, the Purbecks and Bournemouth.
If you love high ceilings, school conversions like this one are bang on the money. This two-bedroom flat is minutes from Burgess Park and the foodie haven at Borough Market.
Set within a church conversion in Bermondsey, this two-bedroom maisonette combines existing features, such as original arches and brickwork, with a contemporary finish.
This four-bedroom Edwardian home offers a combination of original features and contemporary design after a renovation by the current owners.
This four-bedroom home offers a vaulted ceiling in a breakfast room that's ideal for summer entertaining with doors that open to the patio and garden.
On the market for the first time in more than 50 years, this six-bedroom home is a project with vast potential - spread over three floors of living space.
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