Swathe of lenders trim rates

A raft of high street lenders have announced cuts to their fixed-rate and tracker mortgage deals as the competition for customers hots-up.

Britannia, the Royal Bank of Scotland, Abbey and the Yorkshire Building Society all announced they were dropping rates on a wide range of homeowner loan products today.

All the lenders claimed that looking out for borrowers in the uncertain market was their incentive for dropping the cost of their most popular products.

Jon Cooper, head of mortgages for existing customers at the Royal Bank of Scotland, summed up lenders'' sentiments saying: "We have introduced these new competitive rates to support customers who want to keep monthly repayments as affordable as possible."

Despite the Bank of England dropping the base rate by 0.75 in the last year, the best-buy mortgage on the UK market has increased by 0.64 per cent, making the average rate of a best-buy deal 6.34 per cent.

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