Major mortgage lenders starting to reduce rates
There’s good news for the housing market this week as mortgage rates start to ease, with major mortgage lenders including HSBC starting to reduce rates as inflation falls.
HSBC has cut mortgage rates and increased lending limits, and other lenders have also cut their product rates.
News of the reductions is welcome for the UK housing market, following weeks of rate rises.
Swap rates, the main mechanism for mortgage pricing, have dropped. Swap rates are the rates at which banks lend money to each other. When they are higher, lenders push mortgage rates up so that they can maintain a profit. However, when they drop, providers can afford to cut them.
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Your home may be repossessed if you do not keep up repayments on your mortgage.
