UK Landlord Forum / Life

Nationwide, Britain's biggest building society, has become the first lender to re-introduce mortgages worth up to 95% of a property's value.

But the new home loans, which are only available to existing customers who are moving house, come at a high price. Borrowers wanting a fixed-rate deal will have to pay 7.18 per cent — 5.18 percentage points above the Bank of England base rate. The building society offers homeowners with a 40 per cent deposit a similar deal at 5.38 per cent, a difference of £225 a month on a £150,000 interest-only loan.

Source

Well what basically is needed is to get the mortages to moderable.This is good that they have low down uptp 95% that so cool.
But the bank issues should again verified totally.

Aldermore Bank has started offering saving accounts in summer 2009, making a name for itself with several best-buy table appearances on fixed term savings bonds. On the other hand, the Yorkshire Building Society are looking to welcome in thousands of new borrowers with a radically discounted mortgage line-up. Also, RBS Group claimed that it had stepped into the breach of UK mortgage lending since many other lenders had disappeared from the market.
"Previously a big chunk of mortgage lending activity was spoken for by people switching, moving or extending their mortgages. This accounted for as much as 40 per cent of mortgage enquiries, although not 40% of actual borrowing when you factor in repayment of existing loans. Nevertheless, with people drawing on increases in equity to repay their consumer loans, remortgaging has been big business during the mortgage boom.
And whereas Halifax, C&G and Abbey mortgage customers face (admittedly mild) payment shocks – jumps of around 3 to 4 per cent interest – it turns out that some A&L customers will be sitting pretty on 1.49% for a while yet.
Parent company Barclays is keen to take on its fellow High Street giant, whose First Direct and HSBC-branded tracker mortgages have been topping many "best buy" tables for much of the year.The new tracker mortgage, although 0.4% more expensive than its lowest-rate tracker at 2.79%, has an advantage that will appeal to many cash-pressed remortgagers and buyers: it costs nothing to apply. 
HSBC has responded to growing demand from first-time buyers, announcing an increase in the amount of money it is earmarking for purchase loans at the 90% loan to value limit.The bank's £500 million increase in allocated lending should enable around 3,650 additional house purchases between now and the New Year (based on an average first-time purchase price of £150,289).

This has come as a good news for buyers. Interest rates are incredibly low and if you are  considering buying, now is the time. This could save you a lot of money each month. When rates go back up, that will accelerate your monthly payments up again.
There are now 147 fixed-rate mortgage available if you have less than 10 per cent deposit — an 88% increase on the 78 products available in February 2009.
Aldermore Bank has started offering saving accounts in summer 2009, making a name for itself with several best-buy table appearances on fixed term savings bonds. On the other hand, the Yorkshire Building Society are looking to welcome in thousands of new borrowers with a radically discounted mortgage line-up. Also, RBS Group claimed that it had stepped into the breach of UK mortgage lending since many other lenders had disappeared from the market.
Also, 300,000 new customers joined Tesco Personal Finance last year to take their customer base to 6 million, and that's just through their insurance savings and loan products.

Interest rates are incredibly low and if you are  considering buying, now is the time.