Santander cuts rates
Hot on the heels of Virgin Money on Monday, Santander has announced that, from tomorrow, it is cutting rates by up to 0.21%. Official rates >> here <<. Thoughts ASAP please as story being written now.
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Santander’s latest rate cuts are another welcome sign that competition is returning to the mortgage market. While a reduction of up to 0.15% may not seem significant, even small decreases can make a meaningful difference to monthly repayments for some borrowers. The biggest message is that rates are changing quickly, so anyone with a mortgage offer in place or whose current deal is ending soon should review their options. I’ve already been able to secure lower rates for clients before completion simply because we’ve kept a close eye on lender pricing. If competition continues, borrowers can hopefully expect more choice over the coming months.
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Another major lender making some decent rate reductions is encouraging news for borrowers. If rates continue to edge down, July and August could be busier than usual as many people put their homemaking plans on hold due to the uncertainty and higher rates caused by the war in the Middle East.
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Mortgage rates are finally moving in the right direction and it feels like a little momentum is growing. The big lenders are now starting to make their moves. As ever, borrowers should not take anything for granted, as international events and political change domestically could change the trajectory very quickly.
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All rate cuts are welcome, but they are not enough to get Britain moving. Compared to where we were before the war, fixed rates are still carrying about 0.5% of "fat", and even if that went away, we could still be in limbo. We need stamp duty reform to inject a quick shot of adrenaline into the flatlined housing market, and Burnham could be the one administering the shot.