Spring brings welcome competition to the mortgage market

As well as warm weather and long weekends, the last few weeks have given us a flurry of activity in the mortgage market and we’ve seen a host of lenders cutting interest rates and reducing arrangement fees – all of which is good news for those looking for a new mortgage deal.

The Nationwide Building Society has announced that from tomorrow it is extending its £500 discount on mortgage product fees to all new customers buying a home.  Also this week, Northern Rock cut a lot of its mortgage rates, some by as much as 0.5%.

Other lenders announcing mortgage rate cuts this week include Manchester Building Society, Skipton, Woolwich and ING Direct.  This follows ING’s recent move to remove the product fees on all its fixed rate mortgage deals.

Over the last month or so, expectation of an imminent interest rate rise by the Bank of England has dwindled - giving lenders the opportunity to cut some of their mortgage rates.  Add to this a healthy spike in competition between lenders looking to attract spring mortgage customers and the end result is that there are some great deals to be had at the moment – for both home buyers and people looking to remortgage to a new deal.

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