Positive News As Lenders Revise Their Rates Downwards
It seems that the desire for market share in the mortgage industry is finally returning!
Abbey/Santander have just launched their lowest fixed rates for a considerable time in an attempt to rival HSBC's latest product offerings. Abbey are offering a 3 year fixed rate of 2.99% and a five year rate at 3.49%. Both have a product fee of £1,495 and the lender will pay for the standard mortgage valuation and legal costs if the borrower is switching lenders.
Whether this is influenced by the Governments £80bn funding scheme remains to be seen. It has certainly had an immediate effect in that wholesale borrowing costs have dropped allowing lenders access to funds at cheaper rates which can then be passing onto borrowers. The standard variable lending rates for the majority of lenders is around 4% so these rates will be very popular for clients wishing to reduce their costs and have stability of payments.
Read more about this subject at Estate Agent Today and This Is Money
Chris Pain
Director, Curchods Mortgage Services
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