There has been a little bit more activity in the mortgage market this week compared to the start of April, with a mixture of cuts and increases to selected fixed rates.
As Moneyfacts finance expert Rachel Springall points out, the overall two-year fixed mortgage rose marginally, and the overall five-year fixed rate fell week-on-week.
The prominent brands to amend fixed rates this week included Halifax which reduced by 0.08% or increased by up to 0.26%, TSB reduced selected fixed rates by up to 0.20%, as did HSBC by up to 0.11%.
Building societies made a few rate moves this week, those to increase fixed rates included Progressive Building Society by up 0.56% and Skipton Building Society by up 0.35%.
Those to reduce their rates included Suffolk Building Society by up to 0.40%, Leeds Building Society by up to 0.20% and West Brom Building Society by up 0.15%. Newcastle Building Society withdrew a selection of its fixed mortgages this week, including a sub-5% five-year fixed deal.
Not to go unnoticed, Yorkshire Bank reduced by up to 0.05%, Gen H reduced by 0.05% or increased by up to 0.11% and Clydesdale Bank increased by up to 0.06%.
“Some eye-catching deals also surfaced this week, including a three-year fixed rate deal from West Brom Building Society, priced at 4.96% and available at 90% loan-to-value for house purchase customers. It includes a free valuation charges a product fee of £999, overall, it’s an attractive choice for borrowers with 10% deposit or equity,” Springall said.
She added:“It’s encouraging to see a bit more rate movement this week after a quiet start to April. There are some competitive packages for borrowers to take into consideration, but the mix of rises, falls and withdrawals make it essential for applicants to seek advice to navigate the latest options available to them.”
