SPF News

The bigger lenders are becoming more competitive as they jostle to attract what they regard as good quality customers requiring low LTVs.

For example, Woolwich has reduced the rate on its lifetime tracker from Bank Base Rate (BBR) plus 2.27 per cent to BBR plus 2.13 per cent, giving a pay rate of 2.63 per cent. There is a £999 fee and borrowers need a 30 per cent deposit.

Halifax has reduced its two-year trackers by 20 basis points while fixed rates are also up to 20 basis points lower. This means trackers are available from 2.69 per cent for those with a 30 per cent deposit with a £1,499 fee. Fixes start at 3.99 per cent for those with 40 per cent to put down.

With house price data suggesting prices have held or increased for the past nine months, this helps banks make lending decisions. However, more still needs to be done for those wanting to borrow 90 per cent - there has been some movement here but not enough and that makes life difficult for first-time buyers.

For more information on any of these deals, please contact Savills Private Finance on 0870 900 7762.