Mortgage Rates Moving Down, reports London Mortgage Broker, London Mortgage Advice Tuesday, 22nd June 2010

Michelle Slade, spokesperson for Moneyfacts.co.uk, the provider of personal finance information said fixed mortgage rates had been falling since September 2009 as lenders tried to tempt borrowers off record low standard variable rates.Many borrowers were opting to remain on record low standard variable rates and overpaying their mortgage rather than securing a new deal at a higher rate.

It is true to say that "Lenders are trying to incentivise borrowers onto new fixed rate deals by making significant cuts to rates, she continued.

Further more she pointed out"A fifth of lenders have moved to increase their standard variable rate since the bank rate was kept on hold after finding their previous level unsustainable.

Carrying on with the same theme she stated that "Competition for a limited amount of mortgage business continues to increase amongst lenders, who are once again actively competing to be top of best buy tables."The platform has been set for the mortgage market to return to some sort of normality, while still applying the lessons learnt over the last few years."