View more on these topics

NatWest and Halifax strike up the summer rate war with sweeping cuts

The summer rate war has kicked up a notch after two of the biggest lenders in the market announced sweeping cuts last week.

NatWest Intermediary Solutions announced cuts of up to 0.64 per cent while Halifax cut rates by up to 0.2 per cent for new customers and 0.3 per cent for those remortgaging.

Barclays, Accord MortgagesLeeds Building SocietyVirgin Money and Nationwide have all reduced rates across their ranges since the end of July.

Trinity Financial product and communications manager Aaron Strutt says lenders are reassessing their product rates as they seek to hit end-of-year lending targets following an increase in rates earlier this year.

He says: “Many of the lenders increased their rates earlier in the year and they obviously think this is a good time to lower them again, particularly with so many borrowers sitting on standard variable rates. Lenders will also be looking at end of year targets and this may be a final bid to hit those in the final quarter.

“It’s good to see there is so much competition in the market and the lenders are fighting so hard to attract new customers.”



FCA talks on MMR and EU loan directive at Expo

The FCA will address the Financial Services Expo London over two days later this month, discussing the implementation of the MMR and the latest phase of the EU mortgage credit directive. FCA mortgage policy manager Lynda Blackwell will address the Expo on day one, covering the Mortgage Market Review implementation and the effect so far […]


Carney says rate rise closer but no return to pre-crisis levels

Bank of England governor Mark Carney says an increase in the base interest rate is “getting closer” but will not return to pre-crisis levels. In a speech to the Trades Union Congress in Liverpool last week, Carney said the UK economy is beginning to “normalise” and suggested interest rates could soon follow suit. He said: […]


Metro Bank enters rate war with 2.99% 5-year fix

Metro Bank is the latest to enter the late summer rate war by cutting its range of residential five-year fixed rates by 0.2 per cent. Following the cuts, the challenger bank is now offering a 2.99 per cent five-year fix up to 60 per cent. At 70 per cent LTV, Metro Bank now has a […]


Property buyer in £2.5m fraud ordered to pay £110,000

A property buyer convicted for his role in a £2.5m mortgage fraud has been ordered to pay £110,690 under the Proceeds of Crime Act. Jason Omar, 43, was sentenced to two-and-a-half years imprisonment last April after Teesside Crown Court found him guilty of using fraudulent methods to obtain £2.5m in mortgage finance to purchase properties […]


News and expert analysis straight to your inbox

Sign up