Mortgage rates are cut in January sale as banks slice interest rates
Borrowers are benefiting from a January mortgage sale as banks slice interest rates.
Experts say the cost of borrowing on the money markets has fallen, and some banks have passed these savings on to customers.
Tesco Bank has cut rates for homeowners with smaller deposits looking to remortgage.
Experts say the cost of borrowing on the money markets has fallen, and some banks have passed these savings on to customers
It is now offering a two-year fixed rate of 2.26 per cent for borrowers with a 10 per cent deposit. The monthly repayments on £150,000 work out at £655.
Barclays has lowered rates on two and five-year fixed deals by up to 0.10 per cent. It is offering a 1.97 per cent two-year fixed rate for borrowers with a 30 per cent deposit.
The monthly repayments on a £150,000 work out at £634.
Atom Bank has reduced rates for borrowers with a 5 per cent deposit by up to 0.20 per cent, and by 0.05 per cent for those with deposits of 10 to 30 per cent.
Mark Harris, chief executive of broker SPF Private Clients, says banks are fighting over limited borrowers due to Brexit uncertainty.
‘If you’re looking for a deal in the next six months, consider securing a rate now,’ he says.