Abbey, Northern Rock and Woolwich cut mortgage rate
Abbey, Northern Rock and Woolwich the three major mortgage lenders all slashed costs on a number of their deals, while HSBC announced its 1.99% discount offer off its standard variable rate (with a £1,199 fee) will now be extended until the end of October 2009. Mortgage experts say these three represent tentative signs of competition creeping back into the market, to help people to get back on buying houses. Ray Boulger, from broker John Charcol, says: “We are beginning to see a little bit of competition coming back into the market, but that’s not to say we are going to get back to the stage where they are competing for higher loan to value business.”
Darren Cook, a spokesman for financial website Moneyfacts.com, adds: “It’s good to see that big players have decided to take some action.
“But we would need to see more than a dozen lenders doing the same thing before we could really say competition was returning to the market.”
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