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Mortgage rate cuts and lender partnerships: Round-up

  • 17/10/2016
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Saffron for Intermediaries and Tesco Bank have kicked off the week with a number of product launches for homebuyers and remortgage customers, while Leeds and Mansfield Building Societies announce third party partnerships.

Saffron’s product additions target the first-time buyer and homeowner market offering three and five-year fixed rate terms.

For homeowners, a three-year deal fixed at 2.07% is available up to 80% loan-to-value (LTV), which comes with an arrangement fee of £995. The product can be used for a purchase or remortgage. Borrowers opting for interest only will be restricted to 70% LTV.

Fixing for a five-year period, borrowers can access a rate of 2.27%, with an arrangement fee of £1,495.

Saffron is offering first-time buyers a 95% mortgage, fixed at 3.97%, with no arrangement costs.

Tesco Bank has cut rates across its range available to homemovers and remortgage borrowers.

The new rates include:
• 2.34% up to 80% LTV fixed for three years with no product fee
• 1.99% up to 80% LTV fixed for three years with a £995 product fee
• 2.49% up to 90% LTV fixed for two years with no product fee
• 2.28% for 80% LTV fixed for five years with a £995 product fee

Moneyfacts weekly rate checker revealed the average two-year fixed rate now stands at 2.36% which represents a slight fall on the previous weeks in October. The average two-year fixed rate in October 2015 was 2.68%.

Rounding off Monday’s mortgage moves, Mansfield Building Society reveals its partnership with The Mortgage Alliance and Leeds teams up with LMS and its conveyancing panel management service.

The Mansfield will offer its range of buy-to-let and residential mortgages through the club.

LMS will provide Leeds’ customers with conveyancing services including fee-assisted remortgages.

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