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Yorkshire launches two-year trackers with no tie-ins

The deals offer homeowners a tracker rate set at 0.25% below the Bank of England base rate, currently 4.50%. Borrowers just moving their mortgage will pay Bank of England base rate for two-years. A third two-year tracker mortgage, without any fees and offering a contribution to legal and valuation costs, is also available at Bank of England base rate plus 0.55%.

Ian Bullock, head of product development at Yorkshire, says: “All Yorkshire mortgages offer full flexibility with overpayments permitted without any early repayment charges. However, we have decided to launch this range with no charges even if the whole mortgage is repaid during the two-year tracker period. This gives borrowers the security of knowing they can switch mortgage deals at any time if they wish.”

Bullock adds: “As most analysts are now forecasting that the base rate is close to peaking with a reduction in rates expected as early as next year these products offer fantastic value to borrowers. We think it will be unlikely that many borrowers taking out one of these products will look for a better deal during the special rate period.”


HML&#39s Tim Fletcher quits to join Baseline

Tim Fletcher has joined Skipton group&#39s Baseline Capital in the newly-created role of sales and marketing director having held the same role at another Skipton subsidiary, Homeloan Management, for the past three years. Baseline Capital provides data and specialist services to help lenders prepare for the Basle II capital adequacy requirements. Richard Coates, Baseline managing […]

RICS records first house price fall in a year

The decline follows a run of three interest rate rises in just four months over the spring and summer. RICS says prospective buyers have taken heed of rising borrowing costs and warnings from the Bank of England, though there are few signs that a significant market downturn is around the corner. With fewer people registering […]

Mercantile replaces five-year fixed rates

It has also withdrawn the five year discount product 5D4u and replaced it with 5D4x. It has extended the completion date for receiving free legal fees to October 31, 2004 for all products that have this feature. For intermediaries in the North-East, it has launched two three-year discount products schemes 3D4g & 3D4h.

Exclusive Connections makes two appointments

Lana Harris joins as mortgage systems administrator. She will be responsible for implementing and managing the in house packaging system, ECLipse. ECLipse forms the link between local offices and lenders. This state of the art system automatically checks the customers&#39 application and circumstances against the lenders basic product and lending criteria. Brokers will continue to […]

'Feeling the Squeeze'

Royal London carried out a UK wide survey with 2,500 consumers age 35-44 over the summer. The survey found that over a third, 34 per cent, said their finances felt Squeezed and so were struggling to meet day-to-day expenses, despite 87 per cent being aware that they need to save more. However, the survey did […]


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