The i - Mortgage price war heats up as Santander launches 3.55% best-buy
Major banks are stepping up the battle for borrowers with a fresh round of mortgage rate cuts, as Santander launches the cheapest two-year fix at 3.55 per cent.
Aaron Strutt of brokers Trinity Financial said lenders are keen to get attractive deals into the market ahead of the festive period.
“Even though the Bank of England base rate is not at 3.5 per cent yet as many expected, it seems like the lenders are keen to offer the cheapest possible mortgages to tempt borrowers and get as close to this benchmark before Christmas.
“The cost of funding has been coming down and no doubt many of the lenders are trimming their profit margins by offering better rates.
“Santander is really going for it with its latest rates so if you are on the hunt for a mortgage the bank may be a good place to start especially if you have a larger deposit.”
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