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starsign

Two Year Fixed Rate Mortgages Getting Cheaper

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Sunday Times Article Yesterday:

http://business.timesonline.co.uk/tol/busi...icle2651537.ece

[at the end of the article, within PS]

"The Bank’s survey of household lending rates showed that two-year fixed-rate mortgages came down last month by about a quarter of a point to an average of 6.33%, while standard variable rate was unchanged at 7.69%. The expected follow-through from the credit crisis to lending rates is not yet happening"

If 2 year fixes are getting cheaper then lets hope the lending criteria is getting tougher.

Edit: link didn't work

Edited by starsign

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well if mortgages are getting cheaper- surely the sheeple will be snapping them up?

Not if lending criteria is tightened. This is good news for peeps like me, a prime borrower, who should really have access to good rates. Arrangment fees are looking high, but generally these are open to negotiation. If you really are a prime borrower then just ask for a deal. Works for plenty of peeps :).

Finally perhaps the hardworking savers amongst us might get rewarded. As a believer in efficient market theory I feel that nice houses will always go for a price that reflects the most people can afford to spend. As credit tightening occurs this will reflect affordability and prices will drop - but note this wont help people who arent a good risk.

I think some peeps seem to think a drop in prices will make it "easy" for FTBs, but they will always be competing with other buyers for the nice places. Fascinating stuff :).

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