There was a glimmer of hope in the weekend financial pages, with the revelation that some mortgage rates are coming down. The Guardian and the Observer both reported that swap rates- which determine the price of mortgages- have fallen by nearly 1% in recent weeks and lenders have now started offering more attractive loans. Last week, Abbey and HSBC announced some interest rate cuts and reduced arrangement fees, with Abbey also deciding to increase its ‘jumbo’ loans range with the introduction of two products that offer up to £5m.
It also seems like good news for first-time buyers, with several lenders easing the interest rates and fees on deals offering to lend up to 95 per cent of the purchase price. Experts in the Mail on Sunday tipped three lenders in particular; Nationwide, Halifax and Bank of Ireland.
Finally, the Independent looked at what is really happening in the property market, with an extensive feature offering some good advice on property prices, land investment and mortgage rates. Once more, positive news about falling mortgage rates made a welcome return to the financial press.