18 Jul

Mortgage market looking up

Mortgage market looking up

Mortgage holders and prospective first-time buyers breathed a sigh of relief yesterday as lenders began to lower rates.

Nationwide announced that from today it will reduce the rates on its two, three and five-year fixed-rate products and two-year and lifetime tracker mortgages.

Meanwhile, Halifax, the UK's biggest mortgage lender, has stated that 20 of its fixed-rate products will see decreases of 0.15 per cent.

Matthew Carter, divisional director for mortgages at Nationwide, commented: "For the second time this month, we are in a position to reduce the rates on mortgages, offering some of the most competitive rates in the market."

The rate cuts are widely thought to be a result of a fall in London Inter-Bank Lending Rates. On Wednesday the three-month rate dipped from 5.85 per cent to 5.84 per cent.

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