The Times - Lenders in ‘price war’ as mortgage rates tumble
The cost of borrowing is falling so fast that homebuyers taking out the best deals could soon save thousands of pounds compared with just a year ago.
The best two-year deal was 1.74 per cent with Skipton Building Society.
Mortgage rates look set to fall below 1 per cent for the first time. A price war is likely to push fixed-rates to record lows, say brokers, as lenders fight for business.
“There doesn’t seem to be any sign of the rate war slowing down,” said Aaron Strutt, of Trinity Financial, a broker.”
“Many of the banks have a huge appetite to lend and they just keep lowering rates. This in turn is forcing their competitors to make improvements.”
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