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Mortgage War 2015 - Estate Agent Southgate

February 2015

A mortgage rate war among banks has reduced the cost of a typical home loan by £1,700 in just four weeks, figures show.

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Dozens of new deals have been unveiled since the turn of the year, offering borrowers cheaper fees and lower rate.

The latest round of cuts allow borrowers to lock into an under 3% rate for 10 years – a record low.

The announcement follows similar moves this week by HSBC, Barclays andNorwich&Peterboroughbuilding society.

Calculations showed families who remortgaged a £200,000 loan would be as much as £1,689 better off over the next 5 years compared to last month.

 Costs are being driven down by fierce competition between lenders and indications that the Bank of England will keep interest rates low for longer.

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