More lenders slash mortgage rates!
"Mortgage lenders continue to cut interest rates, with Abbey one of the latest banks to slash costs by up to 0.25%.
Over the past few weeks, a host of banks and building societies have reduced the cost of their mortgage products to reflect the cheaper cost of wholesale funding.
After Woolwich and Halifax cut their rates, Cheltenham & Gloucester introduced a major shake-up, with its lowest two-year fixed rate mortgage now priced at 5.49% for people with 25% deposits and willing to pay a fee of over £2,000.
Last week, Britannia Building Society cut rates by up to half a percentage point, while Abbey reduced the rate on its fixed rate mortgages, with two-year fixed deals now starting from 5.79% and three-year deals from 5.99%. However, borrowers must have deposits of at least 30% in order to secure these deals.
In light of Abbey's cuts, both Halifax and Nationwide are expected to unveil further re-prices the lower rates should benefit many borrowers, especially those looking to remortgage".
Source: Yahoo finance - author Rebecca Atkinson
