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Mortgage lender comments on fixed mortgage rate war

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Mortgage lenders have been cutting its fixed mortgage rate in the throes of a fixed rate war, says Bradford Bingley. The mortgage lender's Duncan Pownall, mortgage development manager, noted how the big lenders have been reducing fixed mortgage rates over the last few weeks in a bid to retain customers.

Nationwide currently offers a two-year fixed mortgage rate of 4.39 per cent, Halifax of 4.29 per cent and Alliance Leicester at 4.24 per cent. Newcastle currently leads the market with the lowest mortgage rate of 4.22 per cent over two years.

The present fixed rate war though is great news for the 800,000 potential remortgagers who have either come off or are about to come off the cheap fixes this year, Mr Pownall commented.

The mortgage lender warned that first time buyers , homeowners and those looking to find a remortgage should not be tempted by the mortgage rate alone. Remember that whilst these rates do look attractive, some sport fairly hefty arrangement fees, not always ideal for those with smaller loans, Mr Pownall warned.

He urged first time buyers, homeowners and those looking to find a remortgage to ensure they are getting the deal that is best for their circumstances, not just the deal with the lowest rate.

He predicted that over the next few months, especially with predictions of an imminent interest rate cut, it will become increasingly expensive for lenders to continue to offer such low fixed mortgage rates.

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