Barclays, HSBC, Halifax, Santander and NatWest in mortgage rate war
manchestereveningnews.co.ukFive mortgage lenders are slashing their rates to get a grip on the resurgent housing market. Barclays, HSBC, Halifax, Santander, and NatWest are trimming interest rates on mortgage deals for an array of customers including first-time buyers, those looking to remortgage, and buy-to-let landlords.
Rightmove's research shows that a first-time buyer who takes out a five-year fixed loan for around £225,000 is currently paying about £1,085 monthly, saving around £92 per month from last year.
Thanks to another wave of rate cuts, the cheapest five-year fix has reduced from 4.28 percent to 3.69 percent lately. Additionally, some mortgage brokers predict five-year fixes could fall close to 3 percent by year-end.
On another front, financial heavyweights like Nationwide have eased lending criteria, letting first-time purchasers borrow up to six times their earnings and providing loans up to £750,000.
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