A mortgage rate war is hotting up, with Nationwide Building Society and Halifax the latest major lenders to cut rates.
Nationwide has slashed by up to 0.2percentage points rates for its two, three and five year deals. Its five year fix is now 3.83 pc for those with a 60 pc loan-to-value and comes with a £1,499 fee.
The average five-year fixed-rate was 5.31 pc yesterday. Stephen Perkins of broker Yellow Brick Mortgages, says: 'These cuts send a clear and strong message - lenders are hungry for business.'
Halifax will reduce rates by up to 0.37 pc for its three year mortgages. Leeds Building Society lowered rates yesterday by up to 0.3 percent.
The Bank of England cut the base rate to 5 pc in July, sparking this latest round of cuts from lenders.
Daily Mail
The Bank of England has kept the interest rate at 5.25% in a 'finely balanced' decision.
Policy Area |
Conservative |
Labour |
Liberal Democrats |
New Homes |
1.6 million new homes over the next parliament. |
1.5 million new homes over the next parliament. |
380,000 new homes per year. |
Social Housing |
Renew Affordable Homes Programme for developers. |
Significant increase in social and affordable housing, focusing on social rented homes. |
150,000 new social homes per year, giving local authorities power to end Right to Buy. |
First-time buyers |
Stamp duty exemptions; new Help to Buy scheme; mortgage guarantee scheme. |
Comprehensive mortgage guarantee scheme; first chance for first-time buyers on new-builds. |
Rent payments to progressively give social tenants ownership over 30 years via a Rent to Own model. |
Renters |
Complete Renters Reform Bill and ban no-fault evictions. |
Ban no-fault evictions; extend Awaab’s Law; empower renters to challenge unreasonable rent increases. |
Ban no-fault evictions; introduce national register of landlords; set three-year default tenancies. |
Leasehold reform |
Cap ground rents at £250 and end the misuse of forfeiture. |
Reform the leasehold system, ensuring commonhold becomes the default tenure. |
Abolish residential leaseholds and cap ground rents. |
Homelessness |
Continue plans to end rough sleeping. |
Develop a new cross-government strategy to end homelessness. |
End rough sleeping within the next Parliament and scrap the Vagrancy Act. |
The Bank of England and its Governor Andrew Bailey have decided to freeze the base interest rate again this month, keeping it at 5.25%
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