Latest mortgage rate reductions – update from Trinity Financial

Trinity Financial’s Aaron Strutt tells us there have been fewer mortgage rate changes over the last week although Nationwide for Intermediaries and NatWest have announced pricing improvements.

Nationwide for Intermediaries is launching a 3.89% two-year fix to undercut Santander’s 3.99% two-year fix. Nationwide and NatWest have also launched 3.74% five-year fixes, marginally undercutting the current Best Buy deals. These rates are available to borrowers purchasing properties, with 40% deposits, and they have £1,499 arrangement fees.

Nationwide for Intermediaries has also increased the income multiple first-time buyers can borrow using its 'helping hand' mortgage when they take a longer-term fix.

The lender has increased the mortgage income multiple available to first-time buyers from 5.5x salary to 6x salary. According to Nationwide, this means that first-time buyers could now borrow up to 33% more.

The 'Helping Hand' mortgages are available to employed borrowers who opt for one of Nationwide’s five—or ten-year fixed rates. The mortgage must be taken on full capital repayment, and to Nationwide, this means you cannot have had a mortgage in the last three years. If applying jointly, both applicants need to be first-time buyers.

The Helping Hand mortgages are available to employed borrowers

The minimum income requirement is £30,000 for sole applicants and £50,000 for joint applicants. All income sources (except self-employed income) can be included.

Accord Mortgages is also enhancing its offering to first-time buyers and other borrowers with a smaller deposit, reducing rates across its residential range by up to 0.55%. The £5K Deposit Mortgage, launched in March to enable first-time buyers with just a £5,000 deposit to purchase a property valued up to £500,000, is reducing by 0.45% to 5.79% — the second price cut to this product in the last month and its lowest rate so far.

Contact Trinity Financial

At Trinty Financial, we help all types of borrowers, from first-time and next-time buyers to business owners and international clients seeking £1 million+ mortgages. Call their experts on 020 7267 9399 or visit Winkworth : Trinity Financial, Mortgage Brokers in London. (trinityfinancialgroup.co.uk).