Whisper it quietly, but it seems that mortgage rates might be falling. Brokers have said a mortgage rate war is “well and truly under way,” reports The Guardian.
UK mortgage war
Maybe a ‘mortgage war’ is a tad over the top, but the fact that the rates are going down rather than up, will music to the ears of people wanting to make moves in the property market.
The never ending rise is hopefully at an end at least.
The question is will people dive in or wait it out to risk that it will fall further.
What are the new rates?
Today, a sneaky five-year fixed-rate deal priced at 4.99% was launched by The Mortgage Works, a division of Nationwide building society.
Also, Principality building society will cut the cost of selected fixed rates by up to 0.36 percentage points from Friday.
Then here comes The Mortgage Lender, a specialist buy-to-let lender, cutting selected fixed rates.
They are offering a five-year fixed rate at 5.66% (down from 5.76%) from today.
Henry Jordan, director of home at Nationwide Building Society, said: “Swap rates continue to fall allowing us to make further reductions to our mortgages rates.
“These changes demonstrate our continued efforts to support existing members who are coming to the end of their current deal and new customers looking to take a mortgage with the society.”
So it looks like this tweet has aged as well as the ‘alien.’