Lucky borrowers helped by raft of new mortgage rate cuts on Friday the 13th

Introduction

On Friday the 13th, a number of lenders announced cuts to their mortgage rates. This is good news for borrowers, as it could save them money on their monthly mortgage payments.

The cuts come at a time when the Bank of England is keeping interest rates on hold. This means that lenders are able to pass on the savings from lower wholesale funding costs to their customers.

Which lenders have cut their rates?

A number of lenders have cut their mortgage rates, including:

• Halifax
• Barclays
• NatWest
• RBS
• Lloyds

How much have rates been cut?

The cuts vary depending on the lender and the type of mortgage. However, some lenders have cut their rates by as much as 0.25%.

What does this mean for borrowers?

The rate cuts could save borrowers money on their monthly mortgage payments. For example, a borrower with a £100,000 mortgage over 25 years could save around £10 per month on their repayments if their lender cuts their rate by 0.25%.

However, it is important to note that the rate cuts will not benefit all borrowers. Borrowers who have fixed-rate mortgages will not see any immediate change in their monthly payments.

Should I remortgage?

If you are considering remortgaging, it is important to compare the rates on offer from different lenders. You should also consider the costs of remortgaging, such as the exit fees on your current mortgage and the arrangement fees on your new mortgage.

If you are not sure whether remortgaging is right for you, you should speak to a mortgage advisor.

Conclusion

The mortgage rate cuts announced on Friday the 13th are good news for borrowers. They could save you money on your monthly mortgage payments. However, it is important to compare the rates on offer from different lenders before you remortgage.