Ten-year fixed rates cut by lenders

Interest rates on 10-year fixed-rate deals are being reduced by mortgage lenders, with Lloyds Banking Group launching a mortgage with an interest rate fixed for 10 years at 1.66% this week. Halifax meanwhile launched a 10-year deal at 1.68% for 60% loan-to-value borrowers. Chris Sykes, mortgage consultant at broker Private Finance, noted that “Competition in the 10-year fixed-rate market is fierce and has emerged as a key battleground for lenders. As we now expect consistent base rate rises for the next year and likely more . . .  we are seeing increased inquiry levels and increased interest from potential borrowers.”

Financial Times (04/02/2022)   The Daily Telegraph (03/02/2022)