Mortgage firms impose further rate cuts
Many of Britain's lenders are imposing rate cuts for certain deals - but only if the borrower can afford a large lump-sum deposit.
HBOS is leading the way with reductions to 31 of its mortgage deals - with 0.4 per cent off for those with deposits of ten per cent and above.
Meanwhile, the Woolwich has cut certain loans by 0.2 per cent, and Intelligent Finance and BM Solutions, both owned by HBOS, have made reductions of up to 0.6 per cent.
Not to be outdone, the Woolwich, owned by Barclays, has reduced loans for borrowers with more than 40 per cent deposits by 0.38 per cent, the Times reports.
Speaking to the newspaper, Melanie Bien at Savills said that many potential buyers are still finding it difficult to secure mortgages for professionals and other home loans - despite the reductions.
"It is still the case that the higher the deposit or level of equity you have - and in many cases, you now need 40 per cent or more - the better the rate you are likely to get," she commented.
"Rates have been falling but criteria is generally still not easing. Lenders have been checking credit histories and favouring only those with the cleanest record. Caution still remains in the market."
HBOS is leading the way with reductions to 31 of its mortgage deals - with 0.4 per cent off for those with deposits of ten per cent and above.
Meanwhile, the Woolwich has cut certain loans by 0.2 per cent, and Intelligent Finance and BM Solutions, both owned by HBOS, have made reductions of up to 0.6 per cent.
Not to be outdone, the Woolwich, owned by Barclays, has reduced loans for borrowers with more than 40 per cent deposits by 0.38 per cent, the Times reports.
Speaking to the newspaper, Melanie Bien at Savills said that many potential buyers are still finding it difficult to secure mortgages for professionals and other home loans - despite the reductions.
"It is still the case that the higher the deposit or level of equity you have - and in many cases, you now need 40 per cent or more - the better the rate you are likely to get," she commented.
"Rates have been falling but criteria is generally still not easing. Lenders have been checking credit histories and favouring only those with the cleanest record. Caution still remains in the market."
