NEWS

Banks offer glimmer of hope (July 08)

Barclays and Abbey became the latest mortgage lenders to announce rate cuts as the cost of an average two year fixed -rate fell below 7 per cent for the first time in weeks.
Barclays cut some of the rates offered by Woolwich, its mortgage unit, by up to 0.35%, while Abbey, Britains second-biggest lender, is set to trim the rates on some of its fixed -rate deals by 0.1%.
Other leading lenders, including Halifax, Lloyds TSB and Nationwide Building Society, cut their rates last week.
The rate cuts come after sharp falls in the interbank lending rates, which determine the cost of mortgages, in recent weeks. The two-year swap rate, which dictates the pricing on two-year fixed-rate deals, fell to 5.92 per cent, down from a peak of about 6.5 per cent in mid June.
With a number of lenders introducing new mortgage deals adding to the choice available to new borrowers, there are now close to 3900 mortgage deals available up from 3400 at the end of June.
If you require advice or information on the latest mortgage deals available please contact Brendan Brown of JP & Brimelow Money on 0161 882 2238.

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