Mortgage rate cuts follow other lenders including Halifax, HSBC, Barclays and Coventry Building Society slashing prices in recent weeks
It will be lowering rates by up to 0.23 per cent tomorrow , following Halifax, HSBC, Barclays and Coventry Building Society who have all cutMany lenders cut rates following the stability of swap rates. These are based on long-term predictions for where the Bank of England interest rate – the increase the Bank charges on its lending to commercial banks –Swaps had held steady at 5.
The MPC’s next vote is in August, with many analysts anticipating a reduction in the base rate amid falling inflation. Ben Perks, managing director of Orchard Financial Advisers, said: “More lenders are joining the race to reduce rates. With an election this week, it could have been a turbulent time for rates. But products are improving for borrowers.
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