Interest rates on mortgage products continue to fall:Mortgage rates (on buy to let and residential mortgages) have steadily decreased over the last few weeks, and the signs are certainly encouraging. Now, I'm not saying we're going to see anything radical over the coming months, but there certainly seems to be a bit more competition between the lenders who are still here.
This of course is good news. . For lenders to start decreasing their mortgage rates means two, perhaps obvious, things:
1. They want to lend more volume
2. To increase this volume they feel the need to decrease their rates.
The logical next step if this doesn't work is to start changing criteria - for example loan to values. Not yet, but watch this space.
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