According to the latest credit conditions survey, swap rates (money market rates) are falling, and mortgage lenders therefore expect interest rates to fall in Q4.
Buy-to-let is expected to see even greater falls in pricing in the coming three months, after significant drop in the cost of loans in Q3.
Of course many banks and building societies use their saver’s money to fund their borrower’s mortgages, but swap rates are often seen as one of the biggest influences on fixed rate pricing.
The lowest mortgage rate I could find today was a staggeringly low 1.24% fixed rate for 2 years (Halifax) for a residential mortgage if you have a 40% deposit and 2 year tracker at 2.29% for Buy to Lets with Nat West.
Even 90% mortgages are coming in under 3% nowadays which shows there is a definite improvement in lender’s willingness to lend to borrowers with a deposit of 10% or less. This begs the question…How low can they go?
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