Here is our regular summary of the key changes and announcements in the mortgage market for this week.
- Tesco Bank have announced a new range of lower mortgage rates. With a lot of the changes on products with no arrangement fees, this will make the Tesco rates competitive on an overall cost basis. A good example is the 85% LTV 2yr fixed at 1.88%. Although not the lowest by rate, with some other lenders charging £1500 or more for their fixed rate deals, this Tesco offer does come into play at the right loan amount.
- The Bank of England has noted that March saw the lowest number of mortgage approvals since September 2016. With 122,918 mortgages approved, this showed a fall from both Jan and Feb 2017. With lenders still looking to keep rates low and also making “tweaks” to policy to make it easier to borrow money, the opportunity for clients to borrow is much improved and should reflect in improved numbers as the year goes on.
- Another lender to reduce rates in the past week is HSBC. With reductions of up to 0.25% across the board, there are now some market leading rates being offered. The most noteworthy of these changes is the 1.69% 5yr fixed rate at 60% loan to value.
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