Lenders sharpen offers on fixed-rate mortgage

THE BEST fixed-rate mortgage "buys" this week according to mortgage brokers John Charcol are 5.49 per cent from Northern Rock, fixed until 15 April 1997, and offering up to 95 per cent of property valuations for a fee of £250, and John Charcol's own package of 5.69 per cent fixed until 1 May 1997, on up to 75 per cent of valuation with a fee of £295.

Bristol & West is offering a two-year, fixed-rate mortgage at 5.75 per cent on up to 90 per cent of valuation with a £275 fee. Yorkshire Building Society is offering a three-year, fixed-rate mortgage at 6.99 per cent and a £250 fee. Derbyshire Building Society's four-year, fixed-rate option costs 8.45 per cent with no fee, while Northern Rock's five-year fixed rate is 8.54 per cent with a £250 fee. Penalties for early redemption range from three to six months' interest.

The best initial discount rates come from: Bristol & West, offering a 3.35 per cent discount for two years off the current variable rate of 8.44 per cent, available up to 92 per cent of valuation; Alliance & Leicester, with a 1.8 per cent discount for three years off the current variable rate of 8.4 per cent; Nationwide, which offers a 1 per cent discount for seven years off the current 8.44 per cent; and Northern Rock, with a 6.05 per cent discount until 1 July next year. Its current variable rate is 8.54 per cent.

The best capped rate comes from Royal Bank of Scotland, offering a guaranteed maximum rate of 9.25 per cent during the next five years.

q John Charcol's Freephone number is 0800 71 81 91.

MORTGAGES

Fixed rates Telephone Rate/period Max Fee Incentive

% advance % £

Hinckley & Rugby BS 0800 774499 1.5 to 1/1/96 95 £250 -

Northern Rock BS 0800 591500 5.49 to15/4/97 95 £250 Free valuation

Yorkshire BS 0800 378836 7.49 to 1/4/98 95 £250 -

Ipswich BS 01473 211021 8.25 to 1/1/99 95 - Free valuation - EBs

Northern Rock BS 0800 591500 8.54 to 15/4/00 95 £250 Free valuation

TSB Local branch 9.49 to 31/3/05 95 £250 Free valuation

Variable rates

Coventry BS 0800 126125 2.00 to 1/6/96 95 - £300 cashback

Staffordshire BS 01902 772611 3.59 to 1/1/97 50 - -

Principality BS 0117 929 7804 5.25 to 1/6/97 90 - Free valuation

Greenwich BS 0181 858 8212 6.25 for 3 years 95 - £350 cashback - FTB

PERSONAL LOANS

Unsecured Telephone APR Fixed monthly payments on £3,000 for 3 years

% With insurance Without insurance

Midland Bank Local branch 15.40 £116.54 £103.14

National & Provincial BS 0800 808080 15.50 £118.22 £103.29

Clydesdale Bank 0141 248 7070 16.20 £113.94 £103.33

Secured Max advance % Max term

Royal Bank of Scotland 0800 161616 10.90 70 3 years to retirement

Midland Bank Local branch 11.40 80 5 to 30 years

First Direct 0800 222000 11.20 80 Up to 40 years

TYPICAL OVERDRAFTS

Telephone Authorised Unauthorised

EAR % EAR %

Barclays Bank Local Branch 19.20 29.80

Lloyds Bank Local Branch 19.40 26.80

National Westminster Bank Local Branch 18. 90 33.25

BEST OVERDRAFTS

Telephone Authorised Unauthorised

EAR % EAR %

Woolwich BS 0800 400900 9.50 29.50

Alliance & Leicester BS 0500 959595 9.50 29.80

Abbey National 0800 555100 9.90 29.50

CREDIT CARDS

Telephone Card name Minimum Rate APR Annual

income pm % % fee

Standard

Robert Fleming (S&P) 0800 282101 MasterCard/Visa - 1.00 14.60 £12

Royal Bank of Scotland 0800 161616 MasterCard - 1.14 14.50 -

TSB Local branch MasterCard/Visa - 1.38 17.90 -

Gold cards

Lloyds Bank Local branch MasterCard £20,000 1.15 16.50 £40

Midland Bank Local branch Visa £20,000 1.30 18.10 £35

MBNA International 0800 062620 MasterCard/Visa £20,000 1.45 18.90 -

STORE CARDS

Payment by direct debit Other methods

Telephone pm APR pm APR

John Lewis Local store - - 1.39 18.00

Marks and Spencer 01244 681681 1.90 25.30 2.00 26.80

Burtons Local store 1.97 26.30 2.21 29.90

EB=Existing borrower APR=Annualised percentage rate. EAR=effective annual rate.

All rates are subject to change without notice.Source: London & Country. Freephone 0800 373300 Compiled on 13 April 1995