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Mortgage Rates Fall
Following the Bank of England's decision to hold interest rates at 5%, a number of lenders have begin to cut the interest rates on their mortgage products.
This week, the UK's biggest mortgage lender Halifax, cut interest rates on some of its products for new borrowers for the third time in a month. The rates come into effect on 26 June and relates to 16 products, some of which have been cut by up to 0.3%.
Other lenders who have recently reduced the interest rates on their fixed rate mortgages or tracker mortgages include the Yorkshire Building Society, Woolwich, Nationwide, Bank of Scotland and Intelligent Finance.
Tony Rice from specialist mortgage brokers TMP Mortgage Zone said, "Although this represents good news for borrowers it is too early to say that the crisis is over. Buyers with small deposits are still finding it difficult to get a good mortgage deal. Falling house prices could mean that some people who borrowed 100% or more of the value of their property when they took out a fixed rate mortgage could find their existing lender does not offer them the best available new deal in the market when their existing one expires."
As a whole of market mortgage broker, TMP Mortgage Zone can access thousands of products from hundreds of lenders to help first time buyers, home movers or people looking to remortgage to find the best deal.
[ 25-07-2008 ]
