Some lenders in UK have decided to slash down their fixed lending mortgage rates. The Bank Of England’s base rate is down to 0.5% still the lenders are have planned the move.
Recently quite a lot of lenders have slashed their rates and the trend is continuing. Amidst all this HSBC has also hit the market with its lowest ever five-year fixed rate. With this move, it is clear that other competitors in the market are bound to reduce their rates.
Market experts say all these lenders are resorting to slashing fixed rate deals just to attract customers. The competition has become tough and lenders have no other option. This is not a decision they have taken out of choice. Lenders are struggling in reality. A lot of them are hoping that the new lowered rates would be tempting to borrowers and some would even go for a remortgage.
At 3.95% HSBC’s fixed 5 year mortgage is the cheapest option available to borrowers with an arrangement fee of £599. Even Nationwide has slashed its rates by 0.3%. Coventry's two-year fix for borrowers has been cut from 3.15% to 3.05%. This needs a minimum of 40% of equity deposit.
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With big lenders slashing down their rates it is clearly visible that the market conditions are tight. The race to lure more borrowers is on.
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