18
Jul
Mortgage market looking up
Mortgage holders and prospective first-time buyers breathed a sigh
of relief yesterday as lenders began to lower rates.
Nationwide announced that from today it will reduce the rates on
its two, three and five-year fixed-rate products and two-year and
lifetime tracker mortgages.
Meanwhile, Halifax, the UK's biggest mortgage lender, has stated
that 20 of its fixed-rate products will see decreases of 0.15 per
cent.
Matthew Carter, divisional director for mortgages at Nationwide,
commented: "For the second time this month, we are in a position to
reduce the rates on mortgages, offering some of the most
competitive rates in the market."
The rate cuts are widely thought to be a result of a fall in London
Inter-Bank Lending Rates. On Wednesday the three-month rate dipped
from 5.85 per cent to 5.84 per cent.
