Mortgage rates cut by Lloyds TSB
For the second time in two weeks the Lloyds TSB group have announced that it is cutting its mortgage rates on tracker mortgages by 0.1% and fixed rate mortgage deals by up to 0.31%.
This is a good indication for those who are due to get a mortgage renewal or a new mortgage that things are heading in the right direction.
The Lloyds TSB group who also borrow under the Cheltenham & Gloucester name have also got great deals for those who are borrowing between £50,000 and £250,000 where fixed rate two year deals have been reduced by 0.5%. As many other lenders are doing, to qualify for this deal the borrower would need to put down a twenty-five per-cent deposit.
At a similar time First Direct, the internet and telephone bank announced a new deal for those with a twenty per-cent deposit, which is an offset tracker mortgage with no fees to pay.
These are good signs that mortgage lenders are having to think about mortgage rates and compete with one another in order attract homeowners.
"Clearly things are improving, rates are coming down and competition is increasing. There does seem to be genuine competition among the top six banks and a number of building societies," said senior technical manager at Charcol, Ray Boulger.
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