Mortgage Lenders Cut Rates

10th February 2023
Home > News > Mortgage Lenders Cut Rates

Competition among lenders is hotting up with mortgage rates falling despite the Bank of England raising the base rate last week.

Virgin Money has become the latest lender to launch a sub-4% five-year fixed remortgage deal, at 3.95%, undercutting HSBC which brought out a 3.99% deal on Tuesday.

In addition, Virgin is offering a five-year fixed deal at 3.99% for house purchases.

Nationwide has also cut rates by up to 0.75% on its ten-year fixed deals. For those remortgaging with a 15% stake there’s a five-year fixed rate of 4.49%.

First-time buyers with just a 5% deposit can secure a five-year fixed rate of 5.59%.

The average five-year fixed rate is currently 5.14%, while two-year deals sit at 5.42%, according to Moneyfacts.

Ashley Thomas, director at mortgage broker Magni Finance, commented: “Rates are coming down rapidly, and I wouldn’t be surprised to see them at 3.5% or lower in the coming weeks. It is a welcome change in light of the large increases we saw during the closing stages of 2022.

Contact us at mortgages@robinsonsteesvalley.co.uk

Property Industry Eye Article 

Your home may be repossessed if you do not keep up repayments on your mortgage or other loan secured on it.


Share this article

Related News

17/03/2023
E-Zine

Please read our latest interactive property E-Zine by clicking here.

Read More
01/12/2023
Trees for Good

Join Smith & Friends Estate Agents in Supporting Trees for Good at Our Ingleby Barwick Office! We are delighted to announce that we will be proudly hosting “Trees for Good” at our Ingleby Barwick office on the weekend of December 2nd and 3rd, 2023. This special event is in support of Teesside Hospice, an organisation close to our heart...

Read More
24/01/2022
Digital Magazine

Take a look at our digital property magazine from the link below.Robinsons Tees Valley Property Magazine (briefyourmarket.com)

Read More
11/05/2023
Base Rate Rise

The Bank of England has just raised the base rate to 4.5%. 📈If you have a variable rate or tracker mortgage, now could be the time to act. ⏰If you're on a fixed rate mortgage, there’s no need to act until a couple of months before the end of your current deal. Contact us today mortgages@robinsonsteesvalley.co.uk to learn how this could a...

Read More