5 Sep

More lenders announce mortgage changes

More lenders announce mortgage changes

Two more lenders have announced that they are to make changes to their mortgages in order to offer better deals to consumers as swap rates fall.

Royal Bank of Scotland has said it will lower the rate on its remortgage-only Fixed Active deal from 6.54 per cent to 6.34 per cent with effect from tomorrow (September 6th). It is also to increase the loan-to-value on some other products to as high as 90 per cent.

Standard Life Bank has said it too will be reducing rates on its mortgage range.

These will apply to all of its three, five and ten-year fixed-rate mortgages, although these rates will be only for a limited period.

Such changes are the latest in a long line of trimmings that have occurred as interbank lending costs have made it possible for lenders to pass on cost reductions, despite the Bank of England continuing to keep the base rate at five per cent.

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