Abbey for Intermediaries moved back into the 90% lending market again with a tracker rate of 5.79% for 2 years. It carries a free valuation and a £250 contribution towards legal costs, plus there is a booking fee of £199 to paid at time of application. As the name suggests Abbey for Intermediaries products are only available through brokers.
Newcastle Building Society also joins the 90% market with a 5.95% deal, fixed until June 2012. This has a £495.00 completion fee and a £195.00 reservation fee.
The best rates at 90% seem to be our local lender Cambridge Building Society, they have a 90% tracker rate with a pay rate of 4.49% or a discount rate with a pay rate of 4.29%. Both these deals carry a free valuation, a £999 arrangment fee and have benefit periods for 2 years. More expensive up front but a much better rate.
On the back of Virgin Money’s announcement last week to get into the UK mortgage market, TESCO has announced their intention to launch savings and mortgage products at the end of 2010, with bank accounts following in 2011. They have stressed that this service will be available in 6 branches at the outset and that they will not be offering an advice based service.
Andrew Fowler worked for Limetree Financial Services until December 2010. Feel free to contact another member of our team for help or advice.