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31 January 2008

Top mortgage rates being snapped up

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by Kay Mitchell

Top mortgage rates being snapped up

It has been reported that cheap mortgage deals are only available for a limited amount of time as banks and building societies are withdrawing them at very short notice.

Consequently, homeowners are advised to act quickly in order not to delay over these cheap mortgage offers.

Mortgage Adviser has established that some re-mortgagers had signed a deal and even written cheques with an application fee, only to find the agreed rate had been sold out. This leaves homeowners with no choice but sign up for a higher rate.

Earlier this month, Halifax brought out a market-leading 2-year tracker rate at 0.11% below the Bank of England base rate. However, just 2 days later the rate was gone. A spokesperson for Britain’s biggest mortgage lender said ‘a lot of our rates are only available for a very limited period‘.

It has been confirmed that other lenders have followed in the footsteps of the Halifax. Bristol & West and Coventry Building Society have both withdrawn market-leading deals at short notice.

By way of explanation, Bristol & West said its deals were so popular that there had been high demand while Coventry explained that it tries to give 2 days’ notice before withdrawing a rate.

However, both lenders confessed that conditions in the market were so dynamic currently that they had been forced to act fast.

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