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.
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.
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