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IF reducing fixed rates

Intelligent Finance is cutting its fixed mortgage rates, taking advantage of opportunities created by falling swap rates.

It says the cost of wholesale money, which banks buy in advance to lend to mortgage borrowers, has been falling in recent months, leading to the potential for cheaper rates to be passed on to borrowers.

IF has cut the rates on its 80 per cent loan to value mortgages from 4.89 to 4.49 per cent on loans fixed until 2007 and from 5.09 to 4.79 per cent on loans fixed until 2010.

On 95 per cent LTVs, the rate falls from 5.29 to 4.89 per cent until 2007 and from 5.39 to 4.99 per cent until 2010.

Head of intermediary sales Brian Ewing says: “There has been a steady fall in swap rates in recent months. This has delivered cost savings which are now being reflected in a repricing of our fixed-rate range.”

Mortgageforce chief executive Rob Clifford says: “This rate cut puts IF among the best rates in the market. With swap rates falling, many lenders have sat on the cuts for two or three weeks but they are now passing savings on to consumers. I would expect the trend to continue as the UK market is so oversupplied that companies are obliged to cut their rates.”

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