What Mortgage - Lenders cut mortgage prices amid threat of interest rate hike

Another wave of mortgage price cuts has taken place just a day before the Bank of England is due to announce whether it will hold or increase interest rates.

TSB, Accord, and NatWest are among the lenders cutting fixed rates again, it has emerged today. Meanwhile Barclays is launching a competitive two-year tracker at 3.96% to attract the growing number of borrowers considering variable rates.

According to Aaron Strutt, product and communications director at Trinity Financial, warned those about to take out a deal not to wait around in the hope of more cuts.

“While it is great to see rates come down again, fixed rate price hikes over the coming weeks can’t be ruled out. When the cost of funding mortgages increases, the lenders typically do not wait long to pass those rises on to borrowers.

“The standard advice in uncertain economic times stands, secure a mortgage rate you think suits your circumstances or looks reasonable value for money as soon as you can, then try to switch to a cheaper deal with the lender before your mortgage is due to complete.”

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The information contained within was correct at the time of publication but is subject to change. It is for general information purposes and is not advice.

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