The Times - Mortgage rates cut as new year price war intensifies
HSBC has become the first big bank to lower rates and others are expected to follow with more good news for borrowers in 2024.
“The pressure is on the other leading lenders to lower rates,” Aaron Strutt from the mortgage broker Trinity Financial told The Times.
He added: “Banks and building societies want to lend more money and they understand the negative effect these higher rates have on the property market and wider economy.
“Lenders will be working out their strategies for the year and trying to figure out how to boost their lending figures, which in many cases were shockingly low last year. Many borrowers have been holding off remortgaging or purchasing a property because of high rates, so new sub-4 per cent fixes should give them a bit more confidence to refinance or get on the property ladder.”
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