Another lender cuts mortgage rates

With Interest rate being cut by a number of top UK mortgage lenders, Lloyds TSB has decided to reduce mortgage rates again, for the second time in two weeks. Competition is intensifying in the mortgage market, after a long period of difficult conditions.

The lender cut its fixed-rate mortgage deals by as much as 0.5 per cent, but to qualify borrowers do need a 25 per cent deposit. The news follows announcements of a variety of top rates by lenders such as First Direct and Halifax .