As we settle into 2018, lenders keen for their share of a sluggish housing market have been slashing their rates. Barclays, Yorkshire Building Society and Skipton Building Society have all announced cuts to their product ranges.
November’s Bank of England Base Rate rise dampened an already slow housing market when those considering a move up the property ladder decided to hold fire. However, the interest rate rise did focus the mind of those who already had a mortgage, with a significant increase in the number of borrowers remortgaging. This trend is expected to continue into the spring as homeowners take advantage of some very competitively-priced mortgage deals, particularly fixed rates,
With no significant increase in activity expected in the housing market this year, we forecast that lenders will continue to entice new customers by keeping their rates down.