This week High Street lenders have decided a round of rate cuts, as competition emerges to be back in the market.
RBS and NatWest have declared that the interest rates should be down to at least 0.10% on their fixed and tracker mortgages, while rates on some other deals have decreased to 0.30%.
Abbey is planning to attract new buyers by decreasing its two and three years fixed and tracker rates to 0.1%.
The bank, which has just surpassed Halifax as the UK’s important supplier of new mortgages, made similar cuts last week.
The most competitive two year tracker mortgage has now emerged with an interest rate of 5.89% while a two year fix rate decreased to 6.19%. A fee is applied in both the cases.
Also this week, Halifax has cut the cost of 30 home loans by reducing the interest rate on a two year fixed rate by 0.38 per cent. Its rival company, Bank of Scotland also decided to cut down the rates on 36 deals by up to 0.7%.
In related news, a recent survey conducted by Abbey reveals that a significant number of homeowners are in doubtful stage about the future track of interest rates.
Forty percent of the surveyed questions revealed that if the people opt for a loan before the Bank of England’s base rate review this week, then it would puzzle them over whether to apply for a fixed rate or tracker mortgage.
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