The Times - UK banks offer better mortgage rates to new buyers than to those remortgaging

Aaron Strutt Image

The Times reports banks are offering homebuyers mortgage rates up to 0.72 percentage points lower than those available to people whose existing deals are ending as they fight for business and try to boost the property market.

Aaron Strutt, from the mortgage ­broker Trinity Financial, told The Times: “There is no shortage of people looking to ­remortgage but there has been a lack of purchase activity. By offering lower rates, banks hope to boost the purchase sector.”

Bank mortgage lending fell 28 per cent last year to £226 billion, the trade association UK Finance said, and it ­expects a further 5 per cent fall this year because of shrinking affordability caused by higher rates.

Strutt said: “Cheaper mortgage rates have created more interest even though we are barely a month into the new year.”

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