Ian Giles, marketing director of Purely Mortgages, says: "Big news this week is the Halifax coming back into the market with an excellent 4.29% two-year fixed rate, only to be trumped by Alliance & Leicester with a 4.24% two-year fixed. The competition between the buy-to-let lenders continues with The Mortgage Works reducing their three-year fixed rate to 4.69%; the product has a 1.5% fee."
Selection of Current ‘Best Buys’
NB Purely Mortgages only feature products with no overhanging tie-ins, which its says lead to poor long term value, and no deep short term discounts, which it believes create payment shock.
Lender
Rate
Term
Initial Rate
Reverts To
APR
Incentives
Lender Arr. Fee
Fixed/Capped
Alliance & Leicester
4.24% Fixed
Until 31/10/07
4,24%
5.50%
5.5%
£395
Alliance & Leicester
4.28% Fixed
Until 31/10/07
4.28%
5.75%
5.7%
Valuation refunded and free legal fees for remortgages
£495
Halifax
4.29% Fixed
Until 30/9/07
4.29%
6.75%
6.6%
Free valuation & free legal fees for remortgages
£595
Portman Building Society
4.50% Fixed
Until 31/8/10
4.50%
6.74%
6.2%
£395
Alliance & Leicester
4.59% Fixed
Until 31/8/10
4.59%
5.50%
5.4%
£395
Tracker
Purely Mortgages Exclusive
0.13% under Bank Base Rate
2 Years
4.62%
5.75%
5.9%
Refund of valuation and free legal fees for remortgages
£549
Alliance & Leicester
0.16% under Bank Base Rate
2 years
4.59%
5.50%
5.6%
£395
Discount
Alliance & Leicester
2.95% discount from SVR for 2 years then 1.25% over base for 1 year
3 years
3.89%
6.84%
6.6%
£395
Saffron Walden Building Society
1.96% discount from SVR
2 years
4.63%
6.50%
6.59%
Refund of valuation and free legals for remortgages.
£349
Buy to Let
The Mortgage Works
4.69% Fixed
Until 31/08/08
4.69%
6.74%
6.60%
1.5% fee, min £495
