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Loan claim: Lenders cut mortgage rates

A host of mortgage lenders have cut the cost of their fixed-rate mortgages, it has been revealed.

Last week, Nationwide and Coventry building societies both reduced rates, while HSBC recently launched its lowest-ever five-year fixed rate deal, reports

Michelle Slade, data analyst at Moneyfacts, claimed banks may be offering good deals in a bid to get consumers to remortgage their property.

She said: "Millions of customers who have come off short-term fixed-rate and tracker deals in recent years have gone on to their lender's standard variable rate as it has been cheaper than fixing again."

Nationwide has slashed the rate on its two-year fixed-rate mortgage from 4.98 per cent to 4.69 per cent for customers who provide a minimum of 15 per cent equity.

Furthermore, a similar deal with Coventry is now offered to borrowers with a 40 per cent deposit for just 3.05 per cent - a decrease of 0.10 per cent.

Posted by Charles Baker

Charles is a reputed financial analyst with almost decades of experience under his belt. ADNFCR-2776-ID-800018447-ADNFCR

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