From 25 July 2005, the rates are:
- Two year fixed rate at 5.09% (previously 5.39%). Without remortgage offer.
- Two year fixed rate at 5.19% (new product, available only for remortgages). With remortgage offer – free standard valuation and no reservation fee.
- Three year fixed rate at 5.29% (previously 5.39%). With remortgage offer.
- Five year fixed rate at 5.39% (rate unchanged). With remortgage offer.
All of the above products are available for both purchases and remortgages, except the new two-year product, which is remortgage only.
From 25 July, remortgage borrowers have the choice of two alternative two year fixed rates, one at 5.09% (no remortgage offer), or alternatively a slightly higher rate of 5.19%, which includes a free standard valuation and no reservation fee. The remortgage offer gives customers a potential saving in fees of between £305 and £805 depending on the purchase price .The 3 year and 5 year fixed rates are also available to remortgagers with the added benefit of the remortgage offer.
Arrangement fees on self-certification mortgages have remained the same, making them even more attractive in a climate where many lenders are loading their arrangement fees in order to counterbalance lower headline rates.
Competitor comparison of rates and arrangement fees for self-certification fixed rate mortgages, based on a property purchase price of £130,000.
Commenting on the new rates, Keith Astill, managing director at UCB Home Loans, said: “This further rate reduction puts us in an extremely strong position when compared to other lenders in the self-certification market. The addition of a two-year remortgage-only product also gives customers the choice between a product with no valuation or reservation fee but a slightly higher headline rate, or a lower rate with no free fees. It is all about choice and enabling the customer to match their mortgage product to their individual needs."
