5
Sep
More lenders announce mortgage changes
Two more lenders have announced that they are to make changes to
their mortgages in order to offer better deals to consumers as swap
rates fall.
Royal Bank of Scotland has said it will lower the rate on its
remortgage-only Fixed Active deal from 6.54 per cent to 6.34 per
cent with effect from tomorrow (September 6th). It is also to
increase the loan-to-value on some other products to as high as 90
per cent.
Standard Life Bank has said it too will be reducing rates on its
mortgage range.
These will apply to all of its three, five and ten-year fixed-rate
mortgages, although these rates will be only for a limited
period.
Such changes are the latest in a long line of trimmings that have
occurred as interbank lending costs have made it possible for
lenders to pass on cost reductions, despite the Bank of England
continuing to keep the base rate at five per cent.
