A mortgage rate war is hotting up, with Nationwide Building Society and Halifax the latest major lenders to cut rates.
Nationwide has slashed by up to 0.2percentage points rates for its two, three and five year deals. Its five year fix is now 3.83 pc for those with a 60 pc loan-to-value and comes with a £1,499 fee.
The average five-year fixed-rate was 5.31 pc yesterday. Stephen Perkins of broker Yellow Brick Mortgages, says: 'These cuts send a clear and strong message - lenders are hungry for business.'
Halifax will reduce rates by up to 0.37 pc for its three year mortgages. Leeds Building Society lowered rates yesterday by up to 0.3 percent.
The Bank of England cut the base rate to 5 pc in July, sparking this latest round of cuts from lenders.
Daily Mail