Mortgage rates are falling but don’t get duped by low rates with hidden high fees – how to avoid it [Video]

MORTGAGE lenders are battling for business, with several major banks now offering rates below 4% as competition intensifies.

Earlier this month, Coventry Building Society and Barclays led the way by launching sub-4% deals, triggering a wave of similar offers from other lenders.

Nationwide, Halifax, NatWest, and MPowered Mortgages have since introduced rates as low as 3.89% on two- and five-year fixed deals at 60% loan-to-value (LTV).

This surge in competitive pricing is driven by falling swap rates and growing expectations that the Bank of England will cut its base rate further due to global economic uncertainty.

However, while falling rates may seem promising for prospective homeowners and those looking to remortgage, a low headline rate doesn’t always guarantee the best deal.

Brokers warn that hidden fees and charges can quickly offset any potential savings, potentially leaving borrowers with a higher overall cost than expected.

Mark …