Pete Thomson, sales director at Mortgages plc, explained: “Although rising swap rates have forced lenders to reprice most of their fixed rate deals, many lenders have not passed on the full increase to consumers in order to protect and even increase their market share.
“For example, Mortgages plc recently reduced its fixed and discounted rates by up to 0.6% to ensure our products remain amongst the best in their class. We needed to make this change in order to gain the competitive position we have committed to. There are some highly competitive fixed and tracker deals on offer at the moment, many of which do not reflect the full impact of recent rate increases. Consumers are the real winners in the battle which is raging between lenders for market share.”
