Don’t Dilly Dally, otherwise you’ll miss out!

The limited edition mortgage products available for ‘seven day only’ are back!  Santander, or Abbey for Intermediaries as we still know them in the broker world, have launched a number of market leading fixed rates for a limited period.  In order to bolster books and attract a wealth of new customers, these two year fixed rates are sub 2% with minimal fees and free valuation.  Although requiring a hefty deposit at 40%, they’re great products and only available for 7 day slots.  Maybe we’ll see a few others join in these quick fire offerings before the end of the financial year…

But despite the newly attractive rates, it is still tough out there.  Lloyds TSB carried out a survey of over 500 first time sellers and 65% of these suggested that raising a deposit was their biggest obstacle.  Over 22% say it’s now harder to move up the ladder than it was to get on it!

The Bank says the changes reflect the significant increase in the cost of funding these mortgages and refers to a “special condition” in its mortgage contract that permits the hike.