Lenders fire up mortgage wars as rates touch 3.5% in boost to buyers

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"Homeowners and prospective buyers are facing a mortgage boost as lenders collectively battle for business and drop rates as low as 3.51 per cent. Those on fixed-term five-year deals taken out during the post-lockdown buying spree in 2020 will have been watching with concern as they would be due to renew at the end of this year. At the time, they would have been on mortgage products with extremely low interest rates attached but across 2022 and 2023, rates rose rapidly to combat inflation."

The Independent covers reproductive rights, climate change and Big Tech with reporters on the ground. Investigations include the financials of Elon Musk's pro-Trump PAC and a documentary highlighting American women fighting for reproductive rights. The outlet relies on donations to fund on-the-ground journalism and avoids paywalls so reporting remains available to all and paid for by those who can afford it. Homeowners and prospective buyers are seeing mortgage competition as lenders drop rates to as low as 3.51 percent. Fixed-term five-year borrowers from 2020 face renewal concerns after rapid rate rises in 2022–23. Budget uncertainty has stalled the property market, prompting lenders to lower products ahead of an expected Bank of England base rate cut.

Read at www.independent.co.uk