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Mortgage lenders cut mortgage rates

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Mortgage lenders have cut rates on their fixed mortgage deals as experts predict that an imminent cut of the baseline interest rate is on the cards.

Four major mortgage lenders - Chelsea, West Bromwich, Universal and Halifax - have reduced rates on fixed mortgages this week by up to 0.3 per cent in a bid to attract new borrowers .

According to personal finance expert Moneyfacts, a quarter per cent rate cut means a potential saving of �31.25 on monthly repayments, based on a �150,000 interest only mortgage over 25 years.

Darren Cook, head of mortgages at Moneyfacts commented: Currently, market sentiment is leaning towards an anticipated reduction in the Bank of England rate with some economists suggesting a possible reduction as large as 0.50 per cent.

Moneyfacts claims that the recent rate cuts mean that fixed rate deals are now virtually identical to variable rate mortgages .

Declining consumer confidence has led many analysts to predict that the Bank of England will cut interest rates in the near future.

Minutes from the Monetary Policy Committee's May meeting show that the decision to maintain interest rates at 4.75 per cent was approved by eight votes to one.

Moneyfacts is an independent financial website where users can compare different mortgage deals in order to get the best value for money .

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