Mortgage Competition Hots Up And Rates Fall To Under 1%.

Homebuyers are being offered mortgages with interest rates below 1% for the first time in almost four years. Now experts say they could fall even further, as competition among banks and building societies heats up. The best-buy rate for both remortgagors and homebuyers is 0.99% on a two-year deal. Financial data firm Moneyfacts says there have not been cheaper five-year fixed-rate mortgages on offer for at least 14 years. The best deals are firmly targeted at those with large deposits, particularly those remortgaging, and some borrowers may find that lenders’ strict criteria locks them out of the lowest rates. For someone with a 10% deposit, the best-buy rate is considerably higher at 3.09%. Read more on the Observer website.

Mortgage competition hots up and rates fall to under 1%. For some | Money | The Guardian