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Building societies offer better mortgage rates than banks

Building societies are offering better deals than banks, new analysis from lender Castle Trust shows.

The analysis of best buy tables shows 83% of the top mortgage deals come from mutuals.

An overwhelming 33 out  of 40 of the best deals across fixed, variable and buy-to-let come from building societies.

Monthly mortgage payments drop 21% since 2008

The average mortgage repayments are more affordable than ever as new research shows the average monthly payment has fallen by more than a fifth since 2008.

Halifax research shows the average payment has plummeted by £950 from £4,521 to £3,571.

The drop demonstrates the huge drop in mortgage payments as the Bank of England has held interest rates at 0.5% for more than four years.

Mortgage Lenders Cut Rates

A swathe of mortgage lenders have cut their rates in the past week, indicating the mortgage rate war that has taken place during the past few months has some way to go yet.

And in the battle for the Best UK Mortgage Rate, building societies seem to be coming out on top, according to shared equity loan provider Castle Trust.

Comeback for high loan to value deals as NatWest opens up 90% mortgages

NatWest is opening up its range of 90% loan to value deals to all customers in as sign that higher loan to value deals are making a comeback.

A two-year fixed rate at 5.99% with no product fee is now available to all customers and not just those with a NatWest current account.

Two-thirds of second steppers can't get a mortgage to move home, says Lloyds TSB

Two out of every three people trying to sell their first home are unable to do so because of problems getting a mortgage, according to Lloyds TSB research.

The so-called second steppers are finding it tough to move up the ladder and buy a new property.

So much so that 22% believe it is now harder to move up the ladder than it was to get on it in the first place.

Santander's seven day mortgage deals point the way for brokers

At the end of February Santander launched two-year fixed rate mortgage at 2.49% that was only available for seven days.

The deal was available at 75% loan to value ratio making it a cheap rate but it came with a £995 product arrangement fee.

It is the fourth time Santander have launched a short-term deal for seven days and was available up to a maximum loan size of £1m for both purchase and remortgage.

Cost of Raising Child Rockets To £154,440

The average cost of raising a child to the age of 18 is £154,440, up 15% from 2011, according to Legal and General's 2013 Value of a Parent report. It also found that it would cost £31,500 to replace a mother's contribution to domestic chores over the course of a year.

Lenders Selling Repossessed Properties Cheaply

Since the start of the credit crunch four years ago, UK mortgage lenders have sold repossessed properties at an average discount of 23% compared with 13% prior to 2008.

The analysis comes from Fitch Ratings in a new report 'UK Residential Property Value Analysis'.

Tips To Secure A Mortgage

The UK mortgage market has gone through many setbacks over the past five years as banks and building societies try to heal the scars of the financial crisis.

It has become firmly engrained in the public’s psyche that it is almost impossible to get a mortgage and, as a result, many would-be homeowners have instead opted to continue renting, or live at home with their parents.

Best Buy Tables Reveal Banks Reduce Fees to Compete with Lower Rates

The Co-operative Bank removed the £999 fee on its flagship 2.79% five-year fixed rate deal last week in a bid to undercut its rivals. HSBC have similarly attractive low fixed rates but they come with whopping £1,499 cost on the side, putting off many borrowers.

What the Co-op is demonstrating is that in a world of such low rates it is not just the interest payable that makes a deal the best buy.

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