The Woolwich, Northern Rock and Abbey have reduced their mortgage rates but at what price? Yes, respectively, they are offering rates of between 2.79% and 3.88% but only if you have a whopping 30% deposit.

Looking at it head on the reduction in UK mortgage rates is very competitive and very interesting,
the situation is slightly different when you look at the deposits required. All of the companies in
question would require new mortgage customers to lay down a 30% minimum deposit on their new home to
be able to discuss the lower rates announced today. So again another letdown in the UK mortgage
market with UK banks and UK mortgage providers accused of manipulating customers to increase demand before
reducing overall mortgage rates.

Without a reduction in UK mortgage rates there will be no recovery in the UK property market and ultimately
it will be a lose-lose situation for financial companies and property owners in the UK. When will UK banks
and UK mortgage providers wake up to this fact?

This entry was posted on Friday, October 9th, 2009 at 10:10 am and is filed under Housing Market, Mortgage, Mortgage Rates, Mortgages, house price, interest rates. You can follow any responses to this entry through the RSS 2.0 feed. Responses are currently closed, but you can trackback from your own site.