Two major lenders to lower mortgage rates
More mortgage lenders are changing their rates to make sure it is easier for new buyers to come into the market.
Consumer watchdog Which? urged lenders and banks, along with the government, to do more to prove what they are doing in terms of passing down the savings made through the Funding for Lending Scheme (FLS) to consumers.
Already, two major lenders have said they will lower rates to make the purchase of property easier, especially for those entering the market for the first time, when securing a mortgage.
Leeds Building Society has committed to lowering rates and allowing people to secure a loan for their purchase with a deposit of just 15 per cent, which will drastically drop the funds that they need to buy for the first time.
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Kim Rebecchi, Leeds Building Society sales and marketing director, said: "This provides a fantastic opportunity for those borrowers who wish to take away any uncertainty, on what is usually a household's biggest monthly outgoing, and lock into low fixed repayments."
Similarly, the Co-operative Bank announced earlier this week that it would be fixing its interest rates at 3.99 per cent for three years on mortgages offering 90 per cent loan to value (LTV), whereby a deposit of just ten per cent is needed.
The Bank of England and HM Treasury launched the FLS in July. It is designed to boost lending to households and businesses.