Will home-owners see a significant reduction in mortgage rates?

Some mortgage rates are being cut. Fixed rates are in particular are becoming more competitive.

The latest lender to announce a reduction in rates was Skipton who advise that falling swap rates have meant that their 2 year fixed rates could be reduced to even more competitive levels.

In the last month various lenders such as Barclays and Northern Rock have reduced their fixed mortgage rates. Access to cheaper funding has allowed some lenders to offer cheaper mortgage deals.

There are currently attractive fixed rates deals on offer including a new 10 year fix from the Leeds BS for 75% loan to value at a rate of 4.58% and Abbey have released a new 5 year fix at 3.99% for 60% loan to value.

With some rates being reduced cheap deals are on offer. However those looking for a deal are advised to be quick, as competitive offers tend to be available for a short time only before becoming over subscribed and withdrawn.

Deal Direct are an independent 'whole of market' broker dedicated to finding the cheapest mortgage offers.

We are fully up to date on market movements and while we have seen some lenders reducing costs, we feel it remains to be seen whether all lenders will follow suit.

The news in the market is in general positive with the government releasing cheap funding to lenders. It is hoped that this in conjunction with falling swaps, will have far greater impact than news of the Moody's banking downgrade.

While some new mortgage deals have recently been launched, it is unknown whether other lenders will react by further reducing their rates, or whether they will retain any benefits from reduced funding costs to improve their profits.

We believe there will be deals to be have over the summer for those who act now and contact one of our impartial expert advisers.

Don't delay call Deal Direct now for the most competitive mortgage rates available.