7.0.3 beats update5/2/2024 ![]() Buyers are comfortable that the interest rate environment is settled. More people are looking to borrow, and it’s a good sign when house purchase numbers are moving in the right direction. Gareth Lewis, managing director at property lender MT Finance, said: “These are positive, encouraging figures from the Bank of England. The ‘effective’ interest rate – the actual interest paid – on newly drawn mortgages fell by 0.29 percentage points, according to the Bank, to 4.90% in February. Net approvals for remortgage (borrowers switching to a new deal with a different lender) also increased, from 30,900 to 37,700 during the same period. The Bank of England’s latest Money and Credit Report is showing green shoots for the housing and mortgage market with net mortgage approvals for house purchase up by more than 4,000 to a total of 60,400 in February (this is up from 56,100 in January). The new rates and deals will be available from tomorrow (3 April). ![]() The equivalent five-year rate starts from 4.39% (also 60% LTV).īM Solutions, the specialist lender which is also part of the Halifax Bank of Scotland group, has also reduced selected fixed rates across its product transfer and further advance ranges. The lender’s two-year fixed rate for home purchase is now at 4.63% with a £999 fee, for borrowers with at least 40% deposit (60% loan to value). Two and five-year fixed rate deals for product transfer (deals for existing customers looking to switch to a new rate) and deals for further advance (existing customers wanting to borrow more) will also be cut by up to 0.11 percentage points from tomorrow. While Halifax reduced rates for purchase yesterday, the rate cut for selected remortgage deals will be effective from tomorrow (3 April). It follows other major lenders, including Santander and HSBC, in tweaking rates downwards for new and existing customers, following more positive news on inflation and interest rates last month (see stories below). Halifax, the UK’s biggest mortgage lender, has cut selected two and five-year fixed rates for home purchase, remortgage and product transfer by up to 0.11 percentage points, writes Jo Thornhill. ![]() You can also enter your details here to see what’s available on today’s marketĢ April: Bank Of England Records Increased Approvals We have a suite of mortgage calculators to help you work out how repayments will affect your household finances, what you could save by remortgaging, and the beneficial impact of overpaying. ![]() Mortgage News: Halifax Latest Lender To Trim Rates Across Product Range You should always check with the product provider to ensure that information provided is the most up to date. While we work hard to provide accurate and up to date information at the time of publication that we think you will find relevant, Forbes Advisor does not and cannot guarantee that any information provided is complete and makes no representations or warranties in connection thereto, nor to the accuracy or applicability thereof. The compensation we receive from advertisers does not influence the recommendations or advice our editorial team provides in our articles or otherwise impact any of the editorial content on Forbes Advisor. These “affiliate links” may generate income for our site when you click on them. Second, we also include links to advertisers’ offers in some of our articles. This site does not include all companies or products available within the market. The payments we receive for those placements affects how and where advertisers’ offers appear on the site. This comes from two main sources.įirst, we provide paid placements to advertisers to present their offers. To help support our reporting work, and to continue our ability to provide this content for free to our readers, we receive payment from the companies that advertise on the Forbes Advisor site. The Forbes Advisor editorial team is independent and objective.
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