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Cobalt Capital offers 2.65% mortgage rate

Mortgage broker Cobalt Capital has today stepped into the breach with a 2.65% mortgage rate which is targeted at the wealthy end of the market. While those able to apply for the 2.65% rate will need to offer a significant deposit many in the marketplace believe this could be a turning point in the UK property sector. When you consider that the rate is around 1.5% less than the cheapest tracker fund we could be entering a new period of historically low mortgage rates.

While it is unclear who is backing the Cobalt Capital mortgage offer the move has been well received across the board and could breathe new life into the higher end of the UK property market. Even though this particular cheap rate will not be available to all mortgage customers there are hopes that it will drive down the mortgage rates of competitors to the benefit of UK property investors and homeowners.

While it is too early to say that the banking sector has turned the corner and finally listened to the various demands of the UK government this is a significant shift. However, it will need an industry led shift in mortgage rates to make a significant difference, something which should be confirmed over the next few days.

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