Fixed rate reductions far outweighed the number of lenders increasing rates this week, according to the latest data from Moneyfacts.
The latest figures show a fall overall to the average two- and five-year fixed mortgage rates.
Moneyfacts finance expert Rachel Springall points out that several lenders reduced selected fixed rates including a few household brands such as HSBC by up to 0.30%, Virgin Money, Virgin Money up to 0.25%, Halifax by up to 0.12%, Nationwide up to 0.40%, Santander up to 0.20%, TSB by up to 0.10% and Lloyds Bank making amends on its five year fixed mortgages up to 90% loan-to-value with cuts of up to 0.12%.
There were even some bigger cuts made to fixed rates this week, such as from Aldermore up to 0.70% and West Brom Building Society by up to 0.60%.
There were also some competitive mortgage deals launched onto the market, such as Leeds Building Society which launched a competitive three-year fixed mortgage at 95% loan-to-value priced at 5.99% and West Brom Building Society, also launching a three-year fixed mortgage but at 95% loan-to-value priced at 6.44%”
A few more lenders have moved to increase their standard variable rates this week, such as Furness Building Society which increased by 0.20%, Metro Bank by 0.25%, Digital Mortgages by Atom Bank by 0.15% and Marsden Building Society by 0.20%.
Springall comments: “It is positive to see several lenders making fixed rate reductions this week, and this may well continue into next week.
“Those borrowers who are still tied into a low fixed rate mortgage would be wise to overpay where they can, but for those coming off a deal its vital they speak to their lender and seek independent advice if they are struggling to make repayments.”
