As Brexit takes its toll on the property market, there is some good news for borrowers.
First-time buyers and homeowners remortgaging their properties have been given some good news at the start of the year as a number of lenders have cut their rates in an increasingly competitive market. Last week HSBC dropped rates on 31 different mortgages while the market-leading product for a 10-year fixed-rate loan also went down. The cuts come at a time when the outlook for property sales is at the lowest level for two decades. A report from the Royal Institution of Chartered Surveyors (Rics) said that the looming threat of Brexit had dragged down the UK property market further, with prices falling at the fastest rate in six years.
HSBC said it was reducing fixed and tracker rates. A two-year fixed rate for a loan 95% of the value of the home was cut by 0.1% to 2.99%. A five-year fixed rate was also down 0.1% to 2.29% on a home with 90% loan to value. Both of these moves will help first-time buyers.
20/01/2019 | source: https://www.theguardian.com/money/2019/ ... -rates-cut
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