Page 2 - Ranald Mitchell News Today

It follows a host of cuts so far this year including last week when HSBC, Natwest, Metro Bank, TSB, Santander, Coventry and Skipton all lowered rates.

Tens of thousands of businesses are on the brink of collapse as higher borrowing costs and taxes pile pressure on the economy.

It follows a host of cuts so far this year including last week when HSBC, Natwest, Metro Bank, TSB, Santander, Coventry and Skipton all lowered rates.

Bold interior trends, falling borrowing costs and new opportunities for first-time buyers will bring colour and life back into the property market in 2024.

With more lenders cutting rates, mortgage broker Ranald Mitchell, of Charwin Private Clients, said the “unprecedented rate war is well underway” noting that “seismic moves” were to be expected in the coming months

Halifax, the UKs largest lender, became the first company to slash rates on its remortgage deals by up to 0.83 percentage points yesterday, just hours into the first working day of the year.

HSBC says its new deals will be introduced on Thursday and will include a two-year fixed remortgage deal for 4.49% and a five-year deal for 3.94% - the lowest rates the UK has seen since June last year

Lenders have kicked off a new year “mortgage rates war” amid hopes the Bank of England will cut borrowing costs.

By Jane Denton

Experts at PwC claim there will be a significant rise in businesses collapsing, with with smaller firms comprising the lions share.