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In total last week saw a massive 25,000 people placed on the unemployment list as companies around the UK continue to cut down on their operating costs. Unemployment is fast approaching the 2...
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Friday 15th August 2008
Whatever is the mortgage market coming to when Halifax pushes through its second rate reduction in less than a week!
The group’s two year tracker mortgage rate has fallen from 5.69% to 5.59% but it is the two year fixed rate mortgage which is grabbing the headlines, falling from 6.19% to 5.84%. There has also been some reduction in the variable rate mortgage and this area of the market is starting to become competitive again. But is it all champagne and skittles and time to celebrate?
Yet again the likes of Halifax, Abbey, Northern Rock and the Yorkshire Building Society have managed to grab the headlines without making any change to their increased deposit levels. New Halifax customers will only stand a chance of gaining access to the above new rates if they are able to put up a 25% deposit on the home of their choice – those who cannot hit that level are likely to see rates higher than those widely advertised.
It would be wrong to say that the move by Halifax and the rest of the main players in the market is not welcome, but many first time buyers are looking for deposit levels to fall before they are able to take a serious looking at getting into the market. Do not forget that first time buyers are the life blood of the housing market. |
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