Some good news for property buyers with new announcements made about cutting mortgage interest rates. It would seem that market competition is starting to increase which should be welcome news for most borrowers.
Specifically the Woolwich (part of Barclays) has announced cuts of 0.6% on its 3 year and 5 year fixed rate products. If you can afford a 30% deposit then Woolwich have announced a 2 year fixed product at 3.79%.
Other banks are also cutting rates on their products, these include the Nationwide and Cheltenham & Gloucester (part of Lloyds TSB). Even the state-owned Nothern Rock has got in on the move to cut rates, for those with 20% deposit they are offering a 2 year fixed rate of 5.69%.
In almost all cases lenders do charge fees, typically in the range £500 to £1,000.
We do not offer any advice on mortgage products in this blog, but with rates starting to improve it could be a good time for some to discuss their options with an FSA approved mortgage broker.
