As we enter the final three months of the year, lenders have waged a war on each other, as they slash rates and offer incentives to entice home buyers and ultimately increase their share of the mortgage market.

Barclays has released what it has said are some of its lowest ever rates, including a 10-year fixed at 3.49%, suitable for those with at least a 40% deposit, and comes with a booking fee of £999. The bank also has a rate that helps people get onto the property ladder with just a 5% deposit. Its ground-breaking ‘family springboard’ mortgage allows parents to invest in a savings account linked to the mortgage. The savings are released at a later date, providing the mortgage payments have been maintained in a punctual fashion.

HSBC has followed suite with phenomenal 0.99% rate that is bound to grab people’s attention. https://www.beaconfinancialtraining.co.uk/wp-content/uploads/2020/06/cemap-online-and-classroom-training-uk.jpgeted as a discount rate, it offers a reduction of 2.95% from the bank’s standard variable rate (SVR) that is currently 3.94%. As a variable rate, it could increase over its two-year duration should HSBC increase its SVR.

For mortgage professionals who have invested the time and effort in completing their CeMAP training, this will no doubt be a time of increased activity. As lenders compete to meet their end of year targets with eye-catching competitive mortgage packages, and homebuyers seek advice as to the most suitable deal for their individual circumstances.

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