It appears as though the mortgages United Kingdom market may get a boost thanks to news that some banks are considering dropping their interest rates. A few mortgages United Kingdom banks have already done just that, Nationwide being one of them, and there are high hopes that many more will follow in their footsteps.
Drew Wotherspoon of Charcol.co.uk stated, “The good news does not stop at just fixed rates either. Nationwide has also reduced the price on its tracker mortgages with the most significant movement on its lifetime tracker, coming down an impressive 0.36% to bank rate +0.98% for those with a 25% deposit - albeit with the introduction of a modest £599 arrangement fee. With expectations that bank rate is going to fall soon, this does look good value for those who do not need the absolute security of a fixed rate. Yet, with the ability to drop into a fixed rate at any time, this does offer the added security that some people will crave.”
CML director general Michael Coogan commented: “The growing popularity of fixed-rate mortgages, despite the relatively high rates, suggests that many borrowers are prioritising certainty in their monthly payments.”
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