Last week, a number of lenders made changes to their mortgage deals with the majority following the recent trend of reducing rates for both fixed and variable deals.
Nationwide has reduced some fixed and tracker deals for the second week running, and now have some of the lowest interest rates available over both 2 and 5 years. Newcastle Building Society also revamped it’s range, reducing their 2 year fixed rates, as well as introducing some very competitive 5 and 10 year fixed rates.
One of the smaller lenders, Market Harborough Building Society is also likely to catch the eye with their latest 2 year fixed rate, which should comfortably compete with similar deals on offer from larger lenders.
Of those larger lenders, both Halifax and Cheltenham & Gloucester, have also made some changes, but still have some ground to make up on the market leaders.
One of the reasons lenders have been able to make these changes is the recent reduction in swap rates, which influence the cost to lenders of borrowing fixed rate money. However, swap rates are increasingly volatile and they climbed again last week, so don’t be surprised if these cheaper deals aren’t available for long.
As ever, with lenders charging different rates and fees for their mortgage deals, it is difficult for borrowers to make comparisons and be sure they have made the right choice. It is important to assess the whole package, and not be swayed by the rate alone, as often it is not the lowest rate which offers the best value.
As the UK’s leading whole of market broker, L&C are ideally placed to help borrowers with these critical decisions, and recommend the most suitable product, without charging a fee. If you would like some help and the peace of mind that you have chosen the right mortgage, then call our freephone number (0800 953 0304) and speak to one of our advisers, or book a call back by clicking here