22 Oct

Lenders trim mortgage rates

Lenders trim mortgage rates

More lenders have announced cuts in their mortgage rates.

NatWest and parent company the Royal Bank of Scotland have announced rate cuts that will see a number of different products falling in cost.

The two-year fixed-rate mortgage deal offered by the banks is to see its rate trimmed by 0.5 per cent, from 6.54 per cent to 6.14 per cent with effect from today, with a £500 reduction in the arrangement fee.

Five-year fixed-rate deals at loan-to-value (LTV) levels of 75 per cent and 95 per cent to be trimmed by 0.45 per cent, with the 90 per cent LTV product lowered by 0.35 per cent.

Director of branch mortgages Andy Fell stated: "We remain committed to making lending available to ensure we support our customers during these challenging economic conditions."

Yesterday Abbey announced it is to trim its fixed-rate mortgages by 0.15 per cent.

It said these products remained the most popular type of mortgage, with consumers not willing to "gamble" on further base rate cuts by taking tracker deals.

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