There has not been much activity this week from mortgage lenders, with only a handful tweaking selected rates within their ranges.
Consequently, as Moneyfacts finance expert Rachel Springall explains, the overall two- and five-year fixed mortgage rates remained unchanged week-on-week.
“The prominent brands to make a mix of rate re-pricing to selected fixed rates this week included Lloyds Bank which increased by up to 0.18% but also reduced by up 0.07% and Halifax which increased and reduced by up 0.11%.”
A few building societies decided to tweak rates in their fixed ranges this week, with increases being made by Scottish Building Society by up to 0.25%.
However, Principality Building Society moved to cut fixed rates by up to 0.30% and so did Marsden Building Society, by up to 0.20%. Coventry Building Society increased by up to 0.02% but also reduced by up to 0.01%, but they also launched some new deals for first-time buyers.
Not to go unnoticed, Virgin Money increased selected fixed rates by up to 0.09% but also launched some new intermediary exclusive deals. Bluestone Mortgages increased by up to 0.45% but also reduced by up to 0.20%.
Springall pointed out that some eye-catching deals also surfaced this week, including a two-year fixed rate deal from Principality Building Society, priced at 4.88% and available at 80% loan-to-value. It includes a free valuation charges a product fee of £895, overall, it’s an attractive choice for borrowers with 20% deposit or equity.
She added: “Perhaps as to be expected after the Easter Bank Holiday, there has been little movement to rates this week but still some competitive packages for borrowers to take into consideration. It will be interesting to see how the next few weeks pan out for the mortgage market, but so far, re-pricing for April has been slow and steady.”
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