New mortgage deals were overshadowed by banks gearing up for the end of the tax year and offering reductions on Isa products this week, with only three lenders publicising new rates.
Nationwide and Halifax Intermediaries both offered longer fixed rates, the former offering the lowest 10-year fix currently on the market, while the latter made reduction of up to 0.4 per cent across its five-year range for those remortgaging, first-time buyers and homemovers.
Meanwhile, Paragon’s buy-to-let division Mortgage Trust made its range available for investors in the Scottish private rented sector for the first time since the crisis.
Here are the rates that were publicly announced this week:
| Lender | LTV/type | Headline rate | Product fee |
| Nationwide | 60%/3-year fixed | 1.99% | £999 |
| Nationwide | 60%/4-year fixed (Flexclusive) | 2.14% | |
| Nationwide | 60%/5-year fixed | 2.34% | £999 |
| Nationwide | 60%10-year fixed | 2.89% | £999 |
| Halifax | 60%/5-year fixed | 2.39% (first time buyers) | £1499 |
| Halifax | 60%/5-year fixed | 2.54% (remortgage) | £1499 |
| Halifax | 60%/5-year fixed | 2.69% (remortgage) | £999 |
| Halifax | 60-75%/5-year fixed | 3.19% (first time buyers) | £999 |
| Halifax | 60-75%/5-year fixed | 3.24% (remortgage) | £999 |
| Mortgage Trust | 65%/2-year fixed | 2.99% | £495 |
| Halifax | 75-80%/5-year fixed | 3.59% (first time buyers) | £999 |
| Mortgage Trust | 75%/3-year fixed | 3.85% | £0 |
| Mortgage Trust | 75%/5-year fixed | 3.95% | £1,995 |
| Mortgage Trust | 80%/2-year fixed | 4.45% | £0 |
| Nationwide | 80%/2-year | 2.04% | £999 |
| Nationwide | 90%/2-year fixed | 3.39% | £999 |
| Nationwide | 95%/2-year fixed (Save to Buy) | 3.99% | £999 |
The Mortgage Trust deals are available exclusively to intermediaries, with managing director John Heron stating that the launch north of the border has been on the agenda for a long time.
“The diversification of funding that the group has achieved as a result of the launch of Paragon Bank has facilitated this development and illustrates well the benefits that this strategy of diversification can bring.”
He added that the number of households in Scotland’s private rented sector has more than doubled since 2001, “and as demand increases we will be looking to continue to create buy-to-let products that help landlords deliver quality homes for tenants”.
Meanwhile, Nationwide’s director of mortgages and savings Richard Napier explained that their new deals are designed to appeal to both first-time buyers and those looking to remortgage, offering certainty of mortgage payments while interest rates remain at a historic low.
While these two lenders updated their mortgage range, others were concentrating on the start of Isa season.
Skipton Building Society launched its Bonus Cash Isa, an easy access account offering interest of 1.50 per cent and a 0.50 per cent bonus for 12 months. This comes in addition to its One Year Fixed Rate Isa being made available at 1.45 per cent, the Two Year Isa on at 1.65 per cent and the Three Year Isa at 1.80 per cent.
Yorkshire Building Society launched a new limited access Isa. The Triple Access Saver Isa has an interest rate of 1.35 per cent and allows customers to access their savings three times in every tax year without penalty.
Leeds Building Society relaunched its Everyday Isa, offering 1.25 per cent and unlimited withdrawals without notice.
Finally, HSBC Advance customers who pay at least £25 a month into a Loyalty Cash Isa will receive an extra £10 a month for 12 months, on top of 1.5 per cent interest. Customers who prefer to pay a lump sum can deposit a minimum of £300 and still receive an extra £10 a month.
peter.walker@ft.com
