The latest Council of Mortgage Lenders (CML) figures show that remortgage and purchase were almost equal in terms of overall lending percentages in 2004. As a response Bristol & West Mortgages has recognised the needs of both client groups in its new mortgage range to be launched on Saturday 22 January.
The range includes a 4.89% 2 year fix, which comes in both purchase and remortgage friendly versions, each designed to provide distinct benefits for the client. Purchasers benefit from £300 cashback on completion, while remortgagers benefit from legal fees paid. Both versions benefit from valuation fee and higher lending charge paid by Bristol & West Mortgages.
Bristol & West Mortgages is predicting that gross mortgage advances in 2005 will be in the region of £240 billion, with remortgaging continuing to be popular as homeowners look to make savings or improve their homes as an alternative to moving.
The new mortgage range includes deals for purchasers and remortgagers across standard, buy-to-let, self-certification and flexible offset mortgage types.
Highlights from the Bristol & West Mortgages range include:
- Standard 2 year fix 4.89% fixed until 31/03/07 to 95% LTV, for purchase or remortgage, no extended tie-in, no valuation fee or higher lending charge, £300 cashback for purchasers, legal fees paid** for remortgagers, £399 arrangement fee.
- Offset tracker 5.40% variable (BBR + 0.65% for term) to 95% LTV, early repayment charge for first year only (2%) with no charge for part repayments, £399 arrangement fee.
- Self-cert 3 year discount 5.75% variable (1.09% off SVR) until 31/03/08 to 85% LTV, fees assisted, no extended tie-in, no arrangement fee, no higher lending charge.
-Buy-to-Let 3 year fixed 5.29% fixed until 31/03/08 to 85% LTV, no extended tie-in, £799 arrangement fee.
Dominic Toller, head or marketing at Bristol & West Mortgages, said: "With remortgaging continuing to be an extremely strong theme in the mortgage market we need to create products that meet the needs of clients who want to review their mortgage financing.
"I believe that our new range strikes a good balance between the needs of different client groups, and offers some of the most competitive products currently available."
