Moneyfacts.co.uk - weekly update 23/05/2007
Moneyfacts.co.uk team comments on:
- New low rate mortgage from Scarborough BS
- Sub six percent loans vanish
Juilia Harris, Mortgage Analyst at Moneyfacts.co.uk – the money search engine, comments:
New low rate mortgage from Scarborough BS
- Fixed rate 4.98% to 30.7.07
- Fee of £1495
- 95% LTV
- Fully flexible – over, under and payment holidays allowed
“The 2 year fixed rate market is incredibly competitive, with many lenders fighting to win the top spot. With rising rates and fees it is great to see a competitively priced deal hit the market.
“With the low rate of 4.98%, the £1495 fee can soon be absorbed by the interest savings made. Not only is the package competitive, the mortgage is also available up to a maximum LTV of 95% and offers fully flexible feature, including an above average capital repayment limit of 20% per annum.
“It is welcome news for consumers to see a low rate with a reasonable upfront fee, as opposed to so many percentage fees now dominating the 2 year fixed rate market.
“While this mortgage may not be the best option for every borrower, it is certainly a great addition to the market. Lets hope more lenders follow suit.”
Michelle Slade, Personal Finance Analyst at Moneyfacts.co.uk – the money search engine, comments:
Sub six percent loans vanish
“With rising bad debts, interest rates and economic instability, it is no surprise that rates have been increasing. This week saw the final sub six percent loan vanish: a 5.9% from Masterloan.
“Moneyfacts.co.uk best buy loans now include rates ranging from 6.1% to 8.9%. Which for the lowest rate deal is a meagre 0.60% above base rate – not much margin for lenders without tagging on Payment Protection Insurance. And we are yet to see the full impact of the latest base rate hike filter through to personal loan rates.”
NOTES TO EDITORS:
Moneyfacts Group
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