The United Kingdom now has a diverse mortgage market. Traditional lenders such as Banks and Building Societies now face increased competition from online lending companies and other financial services providers. For this reason, the need to remain competitive is intense, with lenders constantly dropping rates to establish or keep a foothold on the market.
This week, Bristol &West Mortgages has lowered interest rates on two of its three-year fixed-rate mortgages. Furthermore, Bristol &West have introduced a cashback facility to make their loan deals even more attractive. The drop in rates affects properties in the 75 per cent and 90 per cent LTV (Loan to value) groups.
Bristol &West now offer a three-year fixed-rate mortgage, down from 5.15 per cent, at just 4.99 per cent. This is for properties at 75 per cent LTV. They also offer a three-year fix at 5.79 per cent, dropped from a previous rate of 6.19 per cent, for properties at 90 per cent LTV.
For properties in the 85 per cent and 90 per cent LTV band, the lender has also introduced a cashback facility of 1 per cent. This is incorporated into the loan in order to help customers with the numerous extra costs involved in buying a house. One expert from Bristol &West was quoted as saying: "with the cashback being paid direct to the solicitor with the advance, it should certainly help fund stamp duty, or solicitors fees, at a time when many need that extra help."
New reduced mortgage rates
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