18
Aug
Homebuyers offered cut mortgage rate
Homebuyers who have a 15 per cent deposit have been offered a
reduced mortgage rate deal.
Yesterday (August 17th 2010), Yorkshire Building Society announced
that it will cut its rates for homebuyers in an attempt to "offer
peace of mind when it comes to mortgage repayments".
The deal will see the mortgage reduced to 4.58 per cent for a
three-year fixed-rate, as well as a two-year fixed-rate at 3.99 per
cent and a three-year tracker mortgage at 3.49 per cent.
Chris Smith, senior product manager for mortgages, said the offer
was produced to "suit borrowers' pockets".
He added that the tracker deal gives buyers the flexibility of
being free from early repayment charges after the first two years
of the mortgage.
The fixed-rate deal also provides security for homeowners who are
concerned about a rise in interest rates.
Fixed-rate mortgages have increased in popularity lately after the
Council of Mortgage Lenders recently revealed that 28 per cent of
borrowers chose a fixed-rate loan in June - the highest proportion
during 2010 so far. 