Mortgage rates hit a record low

Mortgage rates have hit record lows as the prospect of a Bank of England rate cut reared its head this week. With the election and Brexit uncertainty giving buyers cold feet, banks have entered into a “cut-throat” price war to lure customers. Three lenders – Halifax, Santander and Virgin Money – are offering five-year fixed mortgage rates at below 1.5%, according to Moneyfacts. However, Rachel Springall, a finance expert at Moneyfacts, warned: “The lowest rate mortgage may not always offer the best overall value though because it will depend on how much someone is looking to borrow.”

The Mail on Sunday (10/11/2019)