Two of the largest mortgage lenders in the UK are now offering cheaper fixed-rate mortgages and tracker mortgages in response to the drastic 1.5 per cent cut in interest rates made last week.
The news could indicate that life is returning to the frozen mortgage market . With new deals from Lloyds TSB and Abbey pitched at a competitive level, both fixed-rate mortgages and tracker mortgages could be attractive for remortgage customers.
Abbey’s two-year fixed-rate mortgage, for those with a 25 per cent deposit, has dropped to 4.99 per cent, below the 5 per cent barrier. Ray Boulger of John Charcol was reported as commenting:
"Falling below the psychologically all-important 5 per cent mark is good news. A rate of 4.49 per cent [on one of Abbey's deals] is much, much cheaper than I anticipated."
New mortgage rates on the market
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New mortgage rates on the market
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| mortgages news |
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| Yorkshire Building Society makes mortgage more accessible - Thu, 02 Sep 2010 |
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