Rate cut round up
by Gill Montia
This week has seen a round of rate cuts from High Street lenders, as competition appears to be returning to the market.
RBS and NatWest have announced interest rate cuts of at least 0.10% on their new fixed and tracker mortgages, while rates on some other deals are being reduced by up to 0.30%.
Abbey is making itself attractive to new borrowers by lowering its two and three-year fixed and tracker rates by up to 0.1%.
The bank, which has just overtaken Halifax as the UK’s leading provider of new mortgages, made similar cuts last week.
Its most competitive two-year tracker mortgage now comes with an interest rate of 5.89% while a two-year fix has come down to 6.19% (fees apply in both cases).
Also this week, Halifax cut the cost of 30 homeloans, reducing interest on a two-year fixed rate by 0.38%; its sister company, Bank of Scotland, cut rates on 36 deals, by up to 0.7%.
In related news, a recent survey from Abbey suggests that a significant number of homeowners are uncertain about the future direction of interest rates.
Forty per cent of those questioned said that if they had to choose a loan before the Bank of England’s base rate review this week, they would be confused over whether to opt for a fixed-rate or a tracker mortgage.
Discuss this in the Finance Markets forums
Story link: Rate cut round up
Add to Bookmarks:
Related financial stories to: Rate cut round up
- Rate cut and new mortgage deal round-up
- New mortgage deal round up
- Abbey cuts cost of fixed-rate loans
- Halifax rate rises awaited
- Nationwide raises interest on fixed-rate and tracker deals
- C&G withdraws 100% mortgage as deposits rise all round
- Tracker mortgage rates down as base rate cut to 4.5%
- Fixed-rate loans continue to rise in cost
- Fixed-rate mortgages retain popularity
- Average two-year fixed-rate drops below 7%
Previous: « Persimmon and Halifax promise to double deposits
Next: UK consumer confidence falls to record low »
Visited 527 times, 2 so far today
