Moneysupermarket: Mortgage lenders are 'in a rate war'

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Moneysupermarket: Mortgage lenders are 'in a rate war'

Price comparison site moneysupermarket.com has said there is "hope for borrowers" as lenders compete to slash rates.

The best two-year fixed-rate deals were found to be from Halifax, Lloyds TSB and Britannia BS, which have cut their rates by 0.95 per cent, 0.50 per cent and 0.20 per cent respectively since August 22nd.

But Louise Cuming, head of mortgages at moneysupermarket.com, said that lenders are "cherry picking" the customers to whom they offer the lowest rates.

While it is "good for borrowers" that rates are being cut, she added that the distance between the "haves" and the "have nots" in the UK "is set to widen further".

Meanwhile, house prices in Liverpool have risen by 76 per cent since the city was confirmed as the European Capital of Culture in 2003, according to Halifax.

This means it has outperformed the north-west (69 per cent) and London (50 per cent).

Martin Ellis, chief economist at Halifax, said the prices had been boosted by Liverpool's regeneration in preparation for the celebration.

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