Nationwide is among those to have cut rates (Image: Getty)
Barclays, and Nationwide customers are being told to act now to secure the lowest rates available for more than two years.
holders and borrowers are being urged to fix their rates now. However, some advisers are also urging caution – and say more cuts could be in the pipeline.
has unveiled a new five-year fixed rate at 3.71 percent for those purchasing homes with a 40 percent deposit. This closely follows ‘s deal of 3.74 percent.
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Santander has also cut interest rates (Image: Getty)
Chris Sykes, a broker at Private Finance, expressed astonishment at the . He suggested that banks’ profit margins on the best deals are likely “wafer thin”.
Aaron Strutt, product director at Trinity Financial, also backed the deals. He said: “If you are looking for a at the moment, there is a good choice of rates.”
Adrian Anderson of Anderson Harris told : “We’ve had a lot of prospective clients getting in touch with us. There’s a price war, which is good news for consumers. Lenders are pricing in future base rate drops.”
Rohit Kohli, director at The Stop, stated: “It may be a great time for many to lock in a rate that they feel gives them an affordable monthly payment.” However, he cautioned that the upcoming Halloween Budget could push rates back up, reports .
Barclays offers a five year fix at 3.71% (Image: Getty)
Patricia McGirr, founder of Repossession Rescue Network, commented: “Rates might go down again, but waiting could mean missing the chance for peace of mind.”
However, Mike Staton of Staton Mortgages warned: “Whilst fixing in may seem tempting, there is a wave to be ridden that I feel will lead to lower rates.”
And Ray Boulger, of John Charcol, said: “Trackers are still the go-to option for me. The short-term (and medium-term) trend for fixed-rate mortgages is for further falls, but rates are now anticipating more than just the next 0.25% cut [to the base rate], so I expect a temporary lull in the downward trend of the most competitive rates.”