Variable rate changes

MORTGAGE lenders have been announcing their new variable rates. TSB and Bank of Ireland move to 8.05 per cent, N&P to 8.09 per cent, Halifax, Cheltenham & Gloucester and Barclays Bank to 8.1 per cent, Bristol & West, Leeds and Britannia to 8.14 per cent.

Skipton is postponing any rise until 1 November at the earliest.

Bank of Scotland has launched a 10-year fixed rate at 9.75 per cent for loans up to 90 per cent of valuation. Partial repayments are not allowed and there is a redemption penalty of nine months interest. It also has a five year cap at 9.34 per cent.

Nationwide has a 1 per cent discount for seven years for standard rate loans up to 95 per cent.