Four major UK lenders cut mortgage rates

Good news, four of the UK’s biggest lenders have announced mortgage rate reductions, one of the lenders, First Direct which is part of HSBC made the biggest reductions of almost one percent on one of their deals.

The four lenders who reduced announced reductions were: Lloyds TSB’s lending arm Cheltenham & Gloucester, Halifax, Abbey and First Direct.

First Direct reduced its two-year fixed rate offset mortgage from 5.98 percent to 4.99 percent, which is an exceptional drop in the current climate. Cheltenham and Gloucester, has announced on Monday that they are reducing rates on its two-year fixed rate products by 0.12 percent.

Abbey will also on Monday reduce its fixed and variable mortgage rates, if you have a 15 percent deposit, you will see rates drop by up to 0.6 percent, plus Abbey have said they are dropping their arrangement fee’s on some mortgages by up to a £1,000.

We hope that the lenders announcements today will bring back some confidence to consumers looking to purchase a property or re-mortgage.

Read the full article in the Telegraph