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Mortgage lenders ease rates
Fri, 18 Jul 2008
According to reports from the mortgage market, mortgage lenders Nationwide and Cheltenham and Gloucester have eased their mortgage rates, to reflect a slight easing in the cost of borrowing money wholesale.

Nationwide, who are the largest mortgage lender in the UK, will cut fixed-rate mortgages today by fractions of a percentage point. Cheltenham and Gloucester, who are owned by banking giant Lloyds TSB, will also drop rates on two-year fixed-rate mortgages .

The cost of securing a mortgage loan have climbed considerably in the last year, with cheap mortgage finance abruptly coming to an end and fixed-rate mortgages now at their most expensive level for a decade.

Last week top mortgage lenders Abbey and Woolwich cut their mortgage rates to reflect the easing of wholesale funding. Whether the changes mark the beginning of the end of the credit crunch remains to be seen.

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