There were fresh rate reductions in the mortgage price war as lenders unveiled new deals designed to lure borrowers away from rivals.
Aaron Strutt, product director at Trinity Financial, told The Financial Times that a rapid succession of cuts to mortgage rates over recent weeks held a warning for borrowers who were making arrangements to move over to a new deal with the same lender when their current fix runs out.
Many lenders allow borrowers to reserve these product transfer rates months before they are due to take effect. Those who had done so in recent months could benefit substantially by double-checking that the rate had not fallen further in the interim.
He said: “It is a good idea to check the rates if you have had your mortgage offer for more than a few weeks to see if they have come down. You could easily end up paying much more than you need to.”
With a five or 10-year fixed-rate deal on a larger mortgage borrowers could pay significantly more than they need to in interest.