The Times - Lenders in ‘price war’ as mortgage rates tumble
Tags: The Times and The Sunday Times
The cost of borrowing is falling so fast that homebuyers taking out the best deals could soon save thousands of pounds compared with just a year ago.
The best two-year deal was 1.74 per cent with Skipton Building Society.
Mortgage rates look set to fall below 1 per cent for the first time. A price war is likely to push fixed-rates to record lows, say brokers, as lenders fight for business.
“There doesn’t seem to be any sign of the rate war slowing down,” said Aaron Strutt, of Trinity Financial, a broker.”
“Many of the banks have a huge appetite to lend and they just keep lowering rates. This in turn is forcing their competitors to make improvements.”
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