Ian Giles, marketing director of Purely Mortgages, said: "Big news this week is the Portman launching a market leading 5 year fixed rate at 4.45%. And Abbey is launching an excellent new 2 year fixed rate at 4.49% up to 75% with no early repayment charges at all (£599 booking fee).
"These products are yet more proof that lenders have discounted a fall in the Bank Base rate to 4.50%, which many experts predict will happen on Thursday this week, for the first time in 12 months.
Selection of Current ‘Best Buys’
NB It only features products with no overhanging tie-ins, which it believes lead to poor long term value, and no deep short term discounts, which create payment shock.
Lender
Rate
Term
Initial Rate
Reverts To APR
Incentives
Lender Arr. Fee
Fixed/Capped
Halifax
4.29% Fixed
Until 30/9/07
4.29%
6.75%
6.6%
Free valuation & free legal fees for remortgages
£595
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%
Refund of valuation. Free legal fees for remortgages
£495
Portman BS
4.45% Fixed
Until 30/09/10
4.45%
6.74%
6.2%
£499
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%
6.59%
6.5%
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%
6.6%
1.5% fee, min £495
National Counties
4.69% Fixed
Until 30/11/10
4.69%
6.74%
6.2%
£495
