Edition: India  
> >

Mortgage rates hit record low as YBS launches new product

City A.M. Friday, 21 April 2017
Mortgage rates hit record low as YBS launches new productThe Yorkshire Building Society (YBS) has brought mortgage rates to an all-time low, offering a 0.89 per cent mortgage product.

The deal comes as banks compete to offer the most competitive rates to customers following the Bank of England cutting its base rate to 0.25 per cent. 

*Read more*: This challenger bank and proptech startup are joining forces for mortgages

The two-year standard variable rate is available from today and is available for those borrowing up to 65 per cent of their property's value.

James Farrow, senior mortgage manager at YBS, said the cost of funding has dropped in recent weeks and that YBS was able to pass on the falling costs to customers because it does not need to satisfy external shareholders.

The record-low mortgage rates have boosted the re-mortgage market. In February, re-mortgage lending was up eight per cent year-on-year, with 31,000 home owners re-mortgaging their property, as compared to 28,500 the year before, according to figures from the Council of Mortgage Lenders (CML).

First-time buyers have also become a larger part of the mortgage market over the past year. Taxes on buy to let landlords have pushed out those who want to purchase second homes, making more room for people trying to get onto the housing ladder. Yesterday, the CML reported that the number of property sales to first-time buyers hit 342,000 in February, the highest figure over the last nine years.
Share on
Share on
Post on 
Share by
Source: Reuters Studio - < > Embed

News video: Why Hungary's mortgage market is taking off

Why Hungary's mortgage market is taking off 01:28

The Hungarian mortgage market takes off after years in doldrums with some developers expecting "the big leap in 2018 and 2019". As Laura Frykberg reports, it's mainly down to the country's low interest rates.

You Might Like

Other recent news in Business

Process for Air India disinvestment is moving "quite well": ARUN JAITLEYChina bans textile trade & limits its oil trade with NORTH KOREA:
Moody&#039;s downgrades UK&#039;s rating on BREXIT and growth fearsFACEBOOK tests WhatsApp shortcut in its app
'Unfit' Uber stripped of LONDON licenceARVIND SUBRAMANIAN to get extension as CEA for one year: Finance Minister
Despite tensions, U.S. sees value in New START treaty with RUSSIAHYUNDAI ELANTRA Tops Segment In J.D. Power Tech-Experience Study
Google honours Indian chemist ASIMA CHATTERJEE on 100th birthdayAround the world, a muted launch for Apple's IPHONE 8



Malcolm Barclay Mortgage rates are historically low. Is it time you remortgaged your property? Remember we charge no fee for... https://t.co/RLpDxgNAet 3 days ago

Environmentally friendly: newsR is hosted on servers powered solely by renewable energy
© 2017 newsR / One News Page Ltd. All Rights Reserved.  |  About us  |  Disclaimer  |  Terms & Conditions  |  Privacy Policy  |  Content Accreditation
 RSS  |  News for my Website  |  Free news search widget  |  Help  |  Contact us  |  DMCA / Content Removal
How are we doing? Send us your feedback  |   LIKE us on Facebook   FOLLOW us on Twitter