Mortgage price wars continue as more lenders slash rates
The current mortgage price war shows little sign of abating after Metro Bank became the latest lender to offer new deals yesterday with a headline rate of 4.99% for a 2-year fixed rate switch product up to 80% LTV.
The move will delight prospective first-time buyers and homeowners looking to move as well as those looking to refinance and came hot on the heels of high street lenders NatWest and HSBC which had both announced rate cuts earlier in the week.
FIXED RATE RANGES
NatWest made cuts across its fixed rate ranges for purchases, remortgages, product transfers, buy-to-let and even green deals and was its second price change in January.
And HSBC cut its residential mortgage rates and increased its cashback incentive for first-time buyer customers at 95% LTV from £250, £350 and £500 across its 2-year fixed, 3-year fixed and 5-year fixed rates to £750, £750 and £1,000.
And elsewhere specialist finance lender MT Finance reduced buy-to-let mortgage rates on every one of its 16 buy-to-let products by up to 1% with the lender now offering rates from 4.65% for 2-year fixed standard residential buy-to-let products.
We also understand that Leeds Building Society are now offering limited company buy-to-let mortgages is NI.
So what will all this mean for house prices?
The market in NI has faired quite well to date even with all the rate rises but more competitive mortgages usually can lead to an increase in house prices - watch this space!
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