Lenders lower rates in mortgage price war

A number of lenders have lowered their mortgage rates this week including Halifax and Woolwich, also both the Coventry and Nationwide Building Societies. Accord Mortgages made the largest change of the week when they reduced their five-year fixed rate by 0.6%. Many of the bigger lenders have set amounts of money to lend and if they don't hit their targets, they lower rates to attract mortgage applications from the other banks. Last week, Abbey for Intermediaries launched a host of best buy mortgages. They have leading two, three and five year fixes. Trinity Financial has access to a particularly attractive three-year fixed rate at 2.99%. It is available to borrowers with a 40% deposit and the arrangement fee is £1,495. The lender also provides a free property valuation and £250 cash back if you are purchasing a property. August 1, 2012