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Lenders move to slash fixed rates

IF and Norwich and Peterbrough have both recently launched fixed rate mortgages that are more competitively priced than previous deals.

Jennifer Blackwood, spokeswoman for IF, says: “We felt it was the right time to cut the rate to 4.95%, down from 5.49%.”

Details of the product include: a discounted rate until October 31 2007 with a discount of 0.15% off IF&#39s standalone variable mortgage rate.

For a capital and interest mortgage of £95,000 over 25 years, the monthly repayments under IF&#39s new fixed mortgage will be £555.50 during the fixed rate period.

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