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Mutuals fight to get into best buy tables

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AARON STRUTT PRODUCT AND COMMUNICATIONS TRINITY FINANCIAL GROUP

Over the last few weeks a host of building societies have launched best buy mortgages as they look to get more business.

During the last couple of years Yorkshire Building Society has offered the lowest rates and consistently undercut the biggest banks including HSBC. But now it is getting some competition.

Market Harborough Building Society has launched a two-year fixed rate at 2.89% and a two-year tracker at 2.48%. Both rates have fees of around £1,200.

Skipton has some decent rates but still offers its 2.99% two-year fixed rate at 60% LTV with no arrangement fee for direct clients.

Last week Norwich and Peterborough Building Society appeared in the best buy table offering a 4.19% three-year fix and five-year fix at 4.99% for borrowers with 15% to put down.

N&P used to lend to brokers via intermediaries via Astra Mortgages but it closed its doors for broker business in June 2009. It would be nice if we could access its mortgage rates again.

Coventry Building Society has launched a two-year fixed rate at 50% LTV through Godiva Mortgages. The fee is low at £999 with a free valuation and remortgage service.

Lenders seem to be keeping closer tabs on each other and are more keen to lower their rates to get into the best buys.

It is good to see building societies back fighting to offer the lowest rates but we just need access to a few more of them.

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