Mortgage companies slash rates for borrowing on 100 Mortgages

If you take a look at the rates the mortgage lenders are offering you at the moment, you will notice that many of the fixed term rates are back at pre-credit-crunch levels.

Abbey the Spanish owned lender is the latest bank to cut the rates for new borrowers on their fixed term mortgages, some of the two, three and five year terms have been cut by up to 0.3 percent.

According to Moneyfacts, the average fixed rate mortgage rate is now 6.39 percent.

Analyst Michelle Slade, at Moneyfacts said “We should hopefully see further cuts from the big lenders in the coming months. Only time will tell if we have finally turned a corner, but this is the most prolonged period of cuts we have seen since the credit crunch began,”

Unfortunately, even with these great rates on fixed rate mortgages, it’s still difficult to get a mortgage without paying at least 10 percent of the property value as a deposit, this can make it impossible for some people to get onto the property ladder.

Source: Telegraph

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