Mortgage competition sparked as lenders slash rates
A number of lenders have slashed their mortgage rates this week, with hope to spark some much needed competition within the industry.
Having already cut rates, Nationwide made further reductions to a number of its mortgage products including its three and five-year fixed rates at 3.29 per cent and 3.09 per cent respectively (70 per cent loan-to-value (LTV)).
It has also slashed its NewBuy mortgages; its three-year NewBuy mortgage is now available at 5.29 per cent, 0.50 per cent less than its standard three-year 95 per cent LTV mortgage (5.79 per cent).
Lloyds TSB has also cuts a number of its mortgages this week as well as launching a new range of products aimed specifically for buyers keen to purchase property through a shared equity or shared ownership scheme.
This scheme, also available for homemovers, offers first time buyers a further option to get on the property ladder.
Stephen Noakes is the Director of Mortgages at Lloyds TSB:
“We are committed to making the housing market more accessible to first time buyers. Shared equity and shared ownership schemes offer a secure and more affordable alternative to buying a home outright, and the schemes are an important part of the market for first time buyers and homemovers.
“By adding these mortgages to our range we are hoping that we will be able to help more people realise their dream of home ownership.”
Meanwhile Aldermore has also lowered its mortgage rates including both residential and buy to let products.
Content correct at time of publication