Following the recent decision by the Bank of England’s Monetary Policy Committee to cut the base rate from 5.25% to 5% (the first reduction seen in over four years), we have seen lots of lenders reducing their rates to remain competitive.
Over the past week we have seen giants such as HSBC, Barclays, NatWest, and Nationwide take part in a “rate war” to become the champion of the lowest rate, as well as smaller lenders also competing to gain their share of new borrowers.
It seems that all lenders are fighting for that number one spot of the lowest rate. Since the first sub 4% product appeared in the market recently, other lenders have followed suit. While these deals won’t be helpful for everyone (they all have specific criteria), it does lead the way for rates for other products to reduce.
Although market commentators say we are unlikely to see substantial reductions in rates until inflation remains steady at 2% (the Bank of England’s target), we at Mortgage Required are pleased to hear about the rate wars!
“It’s great to finally see the move away from products over 5% and welcome the new sub 4% rate! Although we don’t see significant reductions in the immediate future, we are definitely seeing this as a step in the right direction for all mortgage borrowers, and it’s a positive step for getting first time buyers onto the property ladder again” commented Tracy, Director at Mortgage Required.
Mortgage Required are on hand to answer any questions and can help you to find the best option for you. Give them a call on 01628 507477 or email team@mortgagerequired.com.
Research from buy-to-let lender, Landbay, shows that UK landlords are looking at raising rents ahead of the Renters' Rights Bill which is due to come into force this year.
Data shows landlords could miss out on green mortgages due to expired energy performance certificates.
Buying a house is a big deal, and where you are planning to buy will make a difference financially. In this short blog, we look at the most affordable and most expensive areas and how much you need to be earning to buy in there.
17 days ago
Equity release is a type of mortgage that allows homeowners 55 and over to access money from their property's equity without having to leave their home. This is done by securing a loan against the house which is usually repaid by selling the property when the borrower passes away or has to move into long-term care.
18 days ago
It’s important to ask questions about the property you are interested in before taking that step to make an offer. A little probing can make all the difference between buying your dream house or something that requires a lot of work.
21 days ago
There are millions of homeowners over the age of 60 who are likely to release money from their homes to pay for their lifestyle during retirement giving those who are 'asset rich but cash poor' a way to live out their retirement the way they wish.
28 days ago
The average age of a first-time buyer in the UK is two years older than 10 years ago. This is understandable with managing the cost-of-living and challenges within the economy such as high interest rates making it difficult to get onto the property ladder.
7 May 2025
Skipton Building Society launches ‘Delayed Start’ mortgage meaning first time buyers won’t be required to make repayments for the first three months.
According to a survey by Skipton, first time buyers who bought their home in the last five years found that in the first three months of living there, they were spending upwards of £30,000.