Lloyds TSB and Cheltenham & Gloucester (C&G) have confirmed they will cut new mortgage rates this week following the Bank of England's decision to cut the base rate to an historic low of 1.5%.
The lender says it will cut fixed rates by up to 0.2%, with rates starting from 3.69%. A new tracker range will be introduced on Tuesday with rates from 3.39%. Stephen Noakes, C&G marketing director, says: "We have reached a stage where mortgage rates are now well below their ten year average of 5.84%. "Long term fixed rates are an increasingly attractive option for homeowners who want to take full advantage by locking in at the bottom of the market." The lender's standard variable mortgage rate will reduce to 3.5% on 1 February. All existing tracker and variable rate customers will b...
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