[ad_1]
A flurry of lenders have announced new rate cuts. Barclays said on Thursday that it was “taking advantage of recent falls in the cost of market funds” and would make further cuts to a selection of its fixed rates on Friday. The changes include reducing the rate on its five-year fix for a buyer with a 40pc deposit from 5.37pc to 5.27pc.
Virgin Money and Clydesdale Bank also announced they would make cuts to fixed rates of around 0.1 percentage points from Friday.
The Mortgage Works, Nationwide’s buy-to-let arm, cut rates on selected buy-to-let deals by up to 0.5 percentage points on Thursday.
David Hollingworth, of L&C Mortgages, said: “As lenders compete harder for business in a tighter market, any room for improvement in funding should feed through to improvements to fixed rate pricing.”
The average rates on two and five-year fixed-rate deals on Thursday were 6.65pc and 6.14pc, according to Moneyfacts. Although these have declined since their summer peaks, the average rates have cooled by only a few fractions of a percentage point.
But Aaron Strutt, of Trinity Financial mortgage brokers, said: “We are now at the stage where people are starting to notice a difference, especially if they want a five-year fix.”
[ad_2]
Source link