Mortgage lenders Reduce their rates

As predicted, a number of lenders have reduced their rates over the last few weeks as they look to increase business volumes. Applications over the festive period tend to drop, but with the Truss budget towards the end of the year, the market’s reaction and subsequent hikes in rates, the impact hit the market hard and resulted in lower transaction levels.

This has resulted in a number of lenders looking at ways to increase numbers quickly and as such, we’ve seen criteria changes and product rate reductions. Hopefully this will assist in re-generating market transaction levels, and ultimately the housing market, over the coming weeks.