 inflation was 7.9% in June, slowing from 8.7% in May, according to the Office for National Statistics (ONS). This has fuelled expectations that the base rate may not need to climb so high. Last week, the Bank of England raised the base rate from 5% to 5.25% – the 14th increase in a row. According to Moneyfactscom){kind=link}
MAJOR lenders have launched a new mortgage ‘price war’ bringing hope for millions.
First Direct, Halifax and NatWest have joined a stream of major lenders in announcing cuts to their mortgage rates.
First Direct said it has reduced rates across more than 20 of its two, five and 10-year fixed-rate mortgages by up to 0.20 percentage points, with immediate effect.
Halifax said it is reducing five-year fixed-rate mortgages by up to 0.71 percentage points, and two-year fixed-rate loans will fall by as much as 0.27 percentage points.
NatWest is also reducing five-year fixed-rate mortgages by up to 0.65 percentage points.