14 Aug

More mortgages cut

More mortgages cut

More mortgage rates have been cut this week as swap rates continue to fall.

Yorkshire Building Society has revealed a new range of two, three and five-year fixed-rate mortgages at 5.74 per cent at a 75 per cent loan-to-value (LTV), while its ten-year deal is now 5.84 per cent.

"Swap prices have come down this week so we can pass on the benefits to hard pressed borrowers," said product manager for mortgages Tom Girling.

The news comes after Woolwich unveiled cuts this week of 0.32 per cent on its two, three and five-year fixed deals at a 60 per cent LTV, with a 0.07 per cent trimming of its ten-year rate.

Swap rates are not the only reason for the repricing of some deals this week, the Guardian reports.

Industry insiders quoted by the paper have said new rates announced by Northern Rock have also had an effect, with one describing these as "priced very aggressively".

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