Several major banks have been dropping their mortgage rates in recent weeks as competition returns to the market
Two of Britain’s biggest mortgage lenders will cut rates again on Friday, after a slew of reductions over the past two weeks.
“With thousands of homeowners due to come out of their fixed rates over the summer as their ultra-low five-year rates secured in 2019 end this will bring some relief to those stressed about how they were going to manage the increase,” he said.that lenders were trying to make up for “lost time” after a reduction in housing market activity during the early stages of the general election campaigning.
Mortgage rates have stayed higher throughout 2024 than many experts initially predicted, with this being because interest rates have not yet fallen, despite expectation at the start of the year that they would have done so by this point in the year. “Those lenders who haven’t yet repriced are likely to follow suit, as long as service levels allow. Even though Swap rates, which underpin the pricing of fixed-rate mortgages, are not showing a consistent downwards trend, the need to generate more business seems to be motivating lenders to tweak their rates,” he said.
United Kingdom Latest News, United Kingdom Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Barclays cuts mortgage rates after Bank of England interest rate decisionSeveral lenders have cut their rates following the decision to hold interest rates at 5.25 per cent
Read more »
HSBC increases mortgage rates as experts warn more lenders could follow suitExperts have warned that other major lenders may increase their rates
Read more »
Customers of major UK banks hit by pay day delaysNationwide, HSBC, Barclays and Virgin Money were among those apologising to customers over the issues.
Read more »
Customers of major UK banks hit by pay day delaysNationwide, HSBC, Barclays and Virgin Money were among those apologising to customers over the issues.
Read more »
Thousands hit by payday meltdown: Worried HSBC, Nationwide, Barclays and Virgin Money customers are...HSBC today become the latest bank to apologise to customers after some were left locked out of their online banking on what is pay day for many workers in Britain.
Read more »
Payment issues affect thousands of HSBC, Barclays and Nationwide customersIt's a payday disaster.
Read more »