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Friday 16th May 2008
Many in the housing market are breathing a sigh of relief today with news that yet another of the UK’s leading mortgage providers has decided to reduce rates. Hot on the heels of the Nationwide, Abbey has announced that they are cutting their tracker rates by0.05% with new borrowers able to put down a 25% deposit receiving an additional discount. While the changes are not massive they mark a welcome change in direction.
It seems as though the Government’s plan to affectively refloat the corporate money markets is starting to have an impact with Abbey confident that they will see a reduction in their borrowing costs over the next few weeks. Now that we have seen Nationwide and Abbey cut their rates we should see a softening of rates throughout the sector with other leading mortgage providers sure to follow.
While this is a welcome move in the right direction it may be a little too soon to call the bottom of the market at a time of such economic uncertainty. However, there is no doubt that government intervention has assisted sentiment and seems to be having an affect on rates in the debt markets. It will be interesting to see how far mortgages rates fall over the coming weeks and if the Bank of England decides to reduce base rates again. |
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