Rate reductions announced by two mortgage lenders

The lenders in question are Leeds Building Society and Halifax and it will mark a welcome start to the year for borrowers – especially those seeking remortgage deals.

Leeds Building Society has reduced the rates for its fixed remortgage product range by as much as 0.24% in some cases. Meanwhile Halifax is cutting the rates for its three-year and 18-month remortgage loans by a maximum of 0.35%. That means the lowest available rates at Halifax are now 4.41% on three-year fixed deals and 4.22% on 18-month ones.

The average rates across the market right now for people with good credit are between 4% and 5%. Therefore the rate cuts still keep them within that average price range.

Mortgage advisors have indicated that they think there will be more rate cuts announced over the course of the month. They are also expecting volumes of remortgage and purchase lending to go up, which would be the likely pattern if rates fall.

**********

If you need a mortgage or are seeking to remortgage, Reades Financial Services will be delighted to help. They are whole of market and their advice is offered free of charge and with no obligation, so there's nothing to lose and everything to gain from speaking with one of their advisers.

Call today on 01244538538 or request a call back - www.reades.uk/mortgages.