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Mortgage rates to come down further
Many of the UK’s mortgage lenders have cut or about to cut their rates over the next few days, bringing relief to borrowers looking for both residential and buy to let deals.
The lenders that have bought their rates down so far include the Halifax, Mortgage Works, Bristol & West, Cheltenham & Gloucester, Bank of Ireland and the Royal Bank of Scotland.
The Abbey is to bring down its rates by 0.6 percentage points on Monday for those looking for upwards of 85 per cent loan to value.
Next week lenders including UCB Home Loans and Birmingham & Midshires are also expected to announce rate cuts.
First time buyers are still finding it hard to find affordable deals and there is no sign that the popular 100 per cent mortgage is on its way back. Those with a very good credit history will still be offered 95 per cent deals, anyone with bad credit including missed or late payments on credit cards or loans will only be offered 90 per cent deals.
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Your property may be repossessed if you do not keep up repayments on your mortgage.
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