Several lenders have recently reduced their mortgage rates, benefiting homeowners looking to remortgage so they can reduce their monthly outgoings.
Nationwide Building Society, for example, has reduced rates on selected fixed and tracker rate mortgage products by up to 0.25%. Henry Jordan, director of mortgages at Nationwide, said: “While the housing market slowly begins to open up again, the mortgage market continues to remain as competitive as ever. Although many borrowers continue to like the security of fixing their mortgage repayments, we know there are some who want to take advantage of these historic low interest rates by going for a tracker mortgage.”
Other lenders that have trimmed rates include HSBC, which has reduced rates for those borrowing between 60% to 80% of the property value. TSB has also improved some of its mortgage rates, whilst Accord has cut rates for those borrowing up between 75% and 85% of the property value.
Lenders expanding mortgage ranges
As well as reducing some of their mortgage rates, lenders are gradually starting to expand their mortgage ranges again.
Many lenders were forced to reduce the number of mortgages on offer when lockdown rules were introduced and physical valuations had to stop. Now that these are able to take place again, provided social distancing rules can be adhered to, lenders have been able to start re-introducing some of the deals they previously withdrew.
For example, Clydesdale Bank, Virgin Money and Accord have expanded their mortgage ranges to include mortgages with a 90% loan to value, helping those with smaller deposits, or a limited amount of equity to put down if remortgaging.
If you’re thinking about remortgaging, you can explore the various options available to you using our Remortgage finder tool. If you get stuck at any point, or aren’t sure which is the best deal for you, get in touch with L&C and one of our advisers will be happy to help.
Mortgage rates continue to fall