If you want a fixed-rate mortgage you now have a dizzying choice of over 2,000 deals. However, a quarter of a century ago you would have had a choice of barely half-a-dozen products, with the best deal available at an eye-watering 12.4%.
Woolwich Building Society is currently offering a number of fixed-rate re-mortgage products, across a range of loan-to-value (LTV) loans. After the fixed-term, lenders revert to a very competitive variable rate, currently 3.89%. Deals include a two-year fixed-rate at 2.09% at 60% LTV, 2.39% at 75% LTV and 2.65% at 80% LTV. All three products have an application fee of £999.
Confidence is blossoming, according to buy-to-let lender Paragon Mortgages. Their quarterly tracking survey of mortgage advisors shows confidence levels at their highest for six years. Intermediaries also reported that during the first quarter of this year, 21% of their mortgage cases were buy-to-let and 19% were first-time buyers. John Heron, director of mortgages, says, "We are now seeing a significant improvement in confidence as the market recovers."
If good service and good advice matter to you as much as an excellent mortgage rate then it's vital for you to know about new data from the Financial Conduct Authority. The FCA has published information on which mortgage lenders attract most complaints and which banks and building societies uphold most of these grievances.
Here, we reveal the UK's five worst lenders in terms of mortgage complaints.
House buyers are being urged to shop around for 95% mortgage deals after two of the UK's biggest mortgage lenders became the first to raise the rates on their Help to Buy products.
Help to Buy - which offers access to low-deposit mortgages - has been credited in recent months with helping the housing and mortgage market to recover. Now, though, Santander and NatWest have increased the cost of their deals and other lenders could follow suit.
House prices are seeing double-digit percentage rises in some areas of the country which means first-time buyers may have to find a larger deposit for their first home. Mortgage lenders are providing a range of incentives to attract new customers including free valuations, free legal pack and low fees.
A number of lenders are offering special deals to entice buyers to borrow from them. Among them, Lloyds Bank is now offering to refund two months' worth of interest on mortgage borrowing for qualifying home movers, up to a value of £1,000.
With new figures showing mortgage lending has increased 33% in the past year and housebuilding at its highest point for six years, the choice for homebuyers and buy-to-let investors continues to grow.
There are many reasons for remortgaging. It may be to get a better rate with a different lender or because of a change in personal circumstances. Remortgaging is also a way to raise additional finance to build an extension or home renovation, or to invest in a second home.
Remortgaging, to invest either in buy-to-let, or renovating or enlarging an existing property, attracts some of the cheapest mortgage rates around. With a loan-to-value (LTV) of up to 60%, lenders are offering a number of products from fixed-rate to tracker and variable-rate mortgages.