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Competition is hotting up in the mortgage market as three more providers start the New Year with a raft of competitive rates for first-time buyers, movers and re-mortgagers. Homebuyers now have even greater choice thanks to a number of new mortgage products and can look forward to reduced monthly outgoings due to significant rate cuts.
The future of low-cost home loans has been thrown further into doubt after two of the UK's largest lenders closed their doors to interest-only deals. In a move The Independent described as a ‘watershed moment for the product', Royal Bank of Scotland and NatWest will no longer accept mortgage applications on an interest-only basis.
Coventry building Society has today (9th August 2012) launched a new range of mortgages aimed at first-time buyers, fixed until 30th September 2017, with a maximum loan-to-value (LTV) of 85% to 90%. With low fees and free valuation included, the lender hopes to entice cash-strapped borrowers who want to minimise their outgoings when they purchase their home.
Coventry Building Society has announced a reduction in the interest rate of several of its residential and buy-to-let mortgages, effective today. The lowering of these fixed rates is contrary to the recent trend of many lenders to increase their standard variable rates.
Among the products to benefit from the reduction are: