A 5 year fixed at 3.89%! Very nice!

Shortly after writing and submitting last weeks article, nearly every lender reduced their rates! It must have been something in the water, but this really does now signify a superb time to review the amazing mortgage products on offer and see if you could make savings on your current arrangements. The most noticeable headline product was from Nationwide, who launched a 5 year fixed rate at 3.89% with a product fee of £900 and a £99 booking fee. Available for loans up to 70% of the property value, this product provides exceptional value for those looking to fix their monthly payments for a reasonable amount of time. Nationwide becomes hero of the week! Perhaps, in future articles I should nominate hero and villain of the week. Perhaps not, as that would set me up to be shot at as well I guess!

Late last week, Hinckley and Rugby Building Society launched an exclusive Buy to Let product, only available through AToM. The rate is fixed at 3.99% for 2 years up to a maximum loan to value of 65%. The lender fee of £1,250 (cheap compared to many) is added to the loan within the 65%) and this is a very attractive rate for those landlords looking to fix rates for the next couple of years and maximise their income.

Godiva, the intermediary of Coventry Building Society have launched a superb 2.99% flexible rate for the life of the mortgage to 75% on either purchase or re-mortgage cases. Their booking fee is just £199 and the arrangement fee is £800 and this can be added to the advance. What makes this product even more exciting is that there are no early redemption interest charges at any time. If you are re-mortgaging the lender will cover the cost of a standard valuation (up to fee value £670) and standard legal fees too. The product is also fully flexible and should therefore appeal to many borrowers looking for both a cheap rate and flexible mortgage options.

The only thing to note with these products is that they tend to have a short shelf life, so don't delay! Talk with your independent financial advisor.