August 18, 2008
Halifax and Abbey begin mortgage price war
With the credit crunch in full swing, borrowers have found it increasingly difficult to maintain their mortgage repayments. The fact that the majority of lenders have withdrawn some of the cheaper and most popular mortgage deals, has not helped.
However, Halifax and Abbey ,two of the UK’s largest lenders, have signaled their intention to attract borrowers by entering into a price war. Both financial institutions have announced that they are to launch a series of interest rate cuts on their two year tracker packages.
Despite the reduction in rates and the new competition for customers, industry analysts believe that the decline of the housing sector will continue for some time.