Rate cuts have so far benefitted those with large deposits the most
Multiple banks and building societies have decreased prices in recent weeks, with some cutting interest rates to as little as 3.84 per cent – but these have only been open to customers taking out 60 per cent loan-to-value deals, which require a deposit or equity in your home of 40 per cent.at a rate of 3.99 per cent, for those taking out 75 per cent LTV deals – which means they only need a deposit of 25 per cent.
Santander is also due to cut rates on Tuesday, while NatWest, too, announced multiple reductions today.Fixed mortgage rates tend to fall as swap rates – based on long-term predictions for where the Bank base rate will go in the future – decrease. But generally, fixed rate deals tend to result in smaller monthly payments, and may be worth considering for those who have not yet switched.
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