With some great news again on the mortgage front, I thought i would give a quick over view on who's bringing their rates down and hopefully starting a rate drop war!!! Halifax has made 2 rate reductions over the past 7 days, and Santander, Leeds, Coventry and Co-Op Bank (previously known as Platform) have also made some significant reductions. It is extremely good to see that there are now several sub 4% interest rates available, with Co-Op offering the lowest at 3.89% fixed for 5 years on both purchase and re-mortgage products. Santander is offering the same rate to re-mortgage clients, and a slightly higher but still very good 3.94% for purchase customers! Lenders have also been making positive changes to their criteria, with Accord relaxing their policy of foreign nationals and Nationwide improving their view on customers receiving bonuses, overtime or commission income. All of this results in lenders being able to help more people and offer larger mortgages for lower rates / monthly payments. All very positive changes so early in the year…lets see what else they have up their sleeve in the coming weeks!

Posted by Andy Meade at 2024-01-11 11:09:00 UTC