MortgagesNov 20 2015

Mortgage deals of the week: Co-op and Newcastle

Search supported by
Mortgage deals of the week: Co-op and Newcastle

Moneyfacts’ mortgage picks of the week were both on popular two-year fixed rate deals.

The Co-operative Bank’s two-year fix is now priced at 2.99 per cent for first and second-time buyers only who borrow from £25,000 at 90 per cent loan-to-value.

No fee is payable and borrowers can make overpayments of up to 10 per cent of the outstanding balance, along with underpayments and payment holidays.

The price comparison site also liked the look of Newcastle Building Society’s two-year fix priced at 2.27 per cent for all customers who borrow from £10,000 at 80 per cent LTV.

Again, there are no fees and the deal has the flexibility of allowing overpayments of up to £499 every month.

Elsewhere in the market, Coventry for Intermediaries added to its buy-to-let range rate reductions by cutting the prices on its residential mortgages at 90 per cent LTV over two, three and five-years, with no arrangement or booking fees.

Highlights include a 2.85 per cent rate - down from 3.15 per cent for the deal until the end of 2017 and 3.09 per cent - from 3.49 per cent - until the end of 2018.

Darin Landon, the society’s distribution director, said: “In addition, with a valuation of up to £670 included for residential products and our Remortgage Transfer Service available for remortgagors, now is a great time to secure a highly competitive deal for your clients with a 10 per cent deposit.”

Skipton Building Society launched a revised New Build and Help to Buy product range on Thursday, with rate cuts of up to 0.80 per cent to existing 90 per cent LTV new build products.

This also includes rate cuts of up to 0.20 per cent to existing Help to Buy purchase and remortgage rates and the addition of 70 per cent LTV products to the existing Help to Buy remortgage range, all offered with a mix of fee free and low fee products.

Virgin Money meanwhile, made several changes to its range, including some new intermediary exclusive buy-to-let products at 75 per cent LTV, with rates starting from 2.59 per cent.

It also extended the availability of the £750 cashback offer on all intermediary buy-to-let exclusives, for a limited period only.

Finally, Leeds Building Society added to its range of discount mortgages, with two new higher LTV products over two-years that also feature free standard valuations and a £199 fee.

One is priced at 2.39 per cent up to 90 per cent LTV - available for purchase or remortgage - while the other comes in at 3.30 per cent up to 95 per cent LTV and is available for purchase only.