Mortgages Uncovered

Northern Rock the nationalized bank is set to increase its interest on its 2, 3 and 5 year fixed-rate mortgages by between 0.2% and 0.3%.

Under new banking rules, Northern Rock cannot issue over 2.5% of any of the UK’s new mortgages will not be appearing in any best-buy tables for a “prolonged period of time”.

The increases which took place today Northern Rock had been offering a2 year fixed rate at 4.99% with a 25% deposit and an arrangement fee of £995 which was the 2nd best deal on the market. The rate was increased today to 5.19%.

Several lenders quickly cut their standard variable rate following this month’s base rate cut.
There are now fifty eight lenders out of ninety six who have so far announced that they are going to reduce their SVRs, however, only twenty one of them have passed on the full 1.5%.

Only last week HSBC announced it would cut SVRs by 0.81%, giving a newer rate of 5.44% as of 5th December, this would be the first cut as they failed to pass any of the October base rate cut.

The Barclays’ Bank mortgage arm, Woolwich announced it was going to be cutting its rates on fixed-rate deals by up to 0.7% which translates to 4.39% for a person with holds a 2 year fixed rate deal with a £995 arrangement fee.

The new lifetime tracker from Barclays-Woolwich sits at 1.99% above base rate and starts at 4.99% for any customer who borrows 60% of the value of the property with a fee of £995.

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