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UK mortgage rates moving down

Despite the fact that the Bank of England's monetary policy committee decided to leave UK base rates unchanged, we have seen a number of UK mortgage providers reduce their rates. Indeed we saw Nationwide reduce its fixed rate by 0.31% and tracker rate by 0.2%, Northern Rock reduce its tracker mortgage by 0.5% and its fixed rate by 0.3% with Alliance & Leicester also following suit with a 0.4% tracker mortgage rate cut. So what next?

It would appear that finally UK mortgage lenders are starting to see some valid interest in the UK property market despite the fact that many people believe it is very patchy and there are a number of "hot spots" throughout the country. Quite why we have seen this sea change in the attitude of mortgage lenders this week remains to be seen but it would appear that competition is slowly but surely getting back into the market and we should see more competitive rates introduced in the short to medium term.

Whether it is the threat of the UK government introducing further penalties to those who do not increase their liquidity and their business to the consumer and business markets, or indeed it is time to go out there and compete for customers remains to be seen but hopefully both consumers and UK businesses will benefit in the end.

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