Mortgage Rates coming down

[Martin@AS Financial]

Today has been a pretty interesting day in the world of mortgages with lenders including Halifax, Abbey and Nationwide all reducing their mortgage rates by upto 0.4%. I believe that this is in response to the HSBC 2.99% product which was launched last week. It is encouraging to see that there is a little bit of competition in the market as for the most part of 2012 it has been dominated by 2 or 3 mainstream lenders.

[ChimpMaster]

Today has been a pretty interesting day in the world of mortgages with lenders including Halifax, Abbey and Nationwide all reducing their mortgage rates by upto 0.4%. I believe that this is in response to the HSBC 2.99% product which was launched last week. It is encouraging to see that there is a little bit of competition in the market as for the most part of 2012 it has been dominated by 2 or 3 mainstream lenders.

Good to see that. Banks have been utter c**ts in this whole saga, screwing over the plebs to bloat their own balance sheets.

The BoE should allow plebs to borrow directly from them at the current rate of interest of 0.5%. The middle men here need to be taken out to the fields and shot.

[BigTime]

and how many thousands is the application fee for this marvellous rate?

[TimberWolf]

It will be a bloodbath when they eventually go back up then.

[AtW]

Today has been a pretty interesting day in the world of mortgages with lenders including Halifax, Abbey and Nationwide all reducing their mortgage rates by upto 0.4%. I believe that this is in response to the HSBC 2.99% product which was launched last week. It is encouraging to see that there is a little bit of competition in the market as for the most part of 2012 it has been dominated by 2 or 3 mainstream lenders.

No, it's response to Govt giving extra big margin to banks in exchange of them increasing lending to maintain real estate bubble.

2.99% product was launched for those with 40% deposits.

[AtW]

The BoE should allow plebs to borrow directly from them at the current rate of interest of 0.5%. The middle men here need to be taken out to the fields and shot.

Nice idea, but the difference is that banks who lend money either own the money themselves (small part) or have to borrow it from somebody, hence no inflationary pressure, on the other hand BoE can only print it's own money - imagine everybody can borrow any money for 0.5% to buy their dream house!

[Doggy Styles]

Nice idea, but the difference is that banks who lend money either own the money themselves (small part) or have to borrow it from somebody, hence no inflationary pressure, on the other hand BoE can only print it's own money - imagine everybody can borrow any money for 0.5% to buy their dream house!

Agreed, 0.5% or anything like it would be madness.

As someone else has said, imagine the property inflation, then the carnage when the rates go back up again.

But then, not everyone has such an imagination.

[escapeUK]

But then, not everyone has such an imagination.

Most people live in the now, rather than thinking what might happen. So they didnt think it was a problem buying houses at their peak price x6 times salary, and they were right in the sense that the government has protected them.

Their kids will have to emigrate to have a future, but their house prices wont go down which is all that really matters isnt it?