The Telegraph - Mortgages fall ahead of Bank of England’s rate decision
Major lenders are cutting mortgages amid market expectations central interest rates will fall faster than expected next year.
HSBC has said it will drop mortgage rates on a range of residential and buy-to-let mortgages and Virgin Money has announced reductions of up to 0.36 percentage points from Thursday.
Aaron Strutt, of broker Trinity Financial, told The Telegraph lenders were passing on their fall in borrowing costs – which are influenced by long-term expectations for interest rates – to homeowners.
He said: “They’re trying to stimulate the market as well. There’s been almost continuous mortgage rate reductions now for quite some time, which has led to two and five-year fixes being much more competitively priced. The only way lenders are going to get the mortgage and property markets moving again is by offering cheaper mortgages.”
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