Britain's biggest high street lenders are continuing to slash borrowing costs after the Bank of England's first interest rate cut in four year sparked a boom in homebuyer activity.
It follows a prior easing of tracker rates, which fell in line with the Bank's 25 basis point rate reduction earlier this month.LONDON — Britain's biggest high street lenders are continuing to slash borrowing costs after the Bank of England's firstare among the lenders now offering five-year fixed rate mortgages of under 4%, below the BOE's 5% key rate.The improving economic environment, as well as the political certainty gained from the U.K.
The number of new sellers coming to market also rose 5% this month compared to the previous year. The number of sales being agreed, meanwhile, is 16% ahead of the near-peak mortgage rate period of a year ago. "While mortgage rates aren't yet substantially lower since the rate cut, the fact that the long-hoped-for first cut has finally arrived, and mortgage rates are heading downwards, is positive for home-mover sentiment," he said in the report.
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Brits snap up lower mortgage deals as BOE rate cut boosts property marketBritain’s biggest high street lenders are continuing to slash borrowing costs after the Bank of England’s first interest rate cut in four year…
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