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PPI charges: Mortgage lenders reduce rates

Barclays Bank, Nationwide and Halifax have cut their mortgage rates, enabling potential homeowners to make a loan claim from these companies at a lower cost.

For example, in a recent MoneySavingExpert.com article, David Hollingworth from London & Country described the rates of HSBC's new product as "quite a chunk lower than any others on the market".

However, uSwitch.com personal finance expert Michael Ossei pointed out the loan charges incurred by mortgage owners have not been "a fair deal" for a long time.

The Bank of England has kept the base rate of interest at 0.5 per cent for nearly three-and-a-half years, he pointed out.

"It's only now that mortgages are starting to reflect this low rate," the expert added, noting the cheapest available mortgage has an interest rate of approximately three per cent.

Mr Ossei pointed out the loan-to-value rates for these better fixed-rate, long-term loan claims is averaging at 40 per cent, while the number of good-value shorter mortgages has plummeted.

"There is a down side," he stated.

Charles Baker
Charles is a reputed financial analyst with decades of experience under his belt.ADNFCR-2776-ID-801415164-ADNFCR



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