Good news is underway for those looking to enter the housing market, but find borrowing rates to be making it too expensive.
There’s a mortgage rate war.
Though this term sounds less than appealing, it is a war in favor of getting lower rates to borrowers and moving more first time buyers into the housing market.
As discussed in a previous posting, Ulster bank recently announced dramatic cuts in their variable and fixed mortgage rates.
The question racking everyone’s brain after such an announcement was, will other banks fall in line to stay competitive in the market?
Ulster caused increased competition in the market and even more so, posed a threat to the other banks.
These other banks were beginning to notice that in order to stay competitive they only had one choice…
To get to Ulster Bank levels or face the result that they may lose all new entrants into the market as well as some of the old.
Shortly after the announcement of Ulster Bank to reduce their mortgage rates, followed KBC …