Deals for first timers

The Halifax Building Society has launched lower fixed mortgage rates for first- time buyers. The 5.99 per cent loan fixed until May 1996 replaces one at 6.15 per cent for a similar period.

Interest rates on mortgages for existing customers who are moving are cut from 6.40 to 5.99 per cent.

Skipton Building Society is offering variable mortgages pegged to three-monthly Libor rates plus 1.75 per cent. It claims to be able to give the lowest variable base rates in the industry - 7 per cent.

Barclays is launching five variable rate mortgages, discounted by up to 3 per cent from the standard rate of 7.74 per cent. The bank is also offering mortgages fixed at 10.5 per cent over 25 years.

Legal & General has introduced a range of fixed mortgages, with rates ranging between 5.6 per cent until April 1996 and 6.95 per cent until April 1999.