High street banks have been accused of not passing on a reduction in mortgage rates to customers. The recent downward movements in cash markets should have seen a reduction for the people of Ballymena and Antrim.
Some lenders are offering fixed-fee mortgage deals that are 50% more expensive than what they had been offering up to three months ago, even since “swap prices” that decide the pricing of new fixed rates, have fallen.
A local building society is offering a two year fixed rate of 3.33% with no fee. This is with a LTV of less than 65%. This is the best market rate in Northern Ireland today.
So are accusations of profiteering justified?
