Moneyfacts, the UK’s leading financial information provider, has recently released its analysis of the current lending market. The analysis shows that lenders are offering a combination of interest rate cuts and increases, depending on the type of loan being taken out.
The analysis found that for those taking out a mortgage, lenders are offering an average interest rate cut of 0.2%. This is good news for those looking to purchase a home, as it could mean a significant reduction in the amount of money they need to pay back each month.
However, for those taking out personal loans, Moneyfacts found that lenders are increasing their interest rates by an average of 0.3%. This could mean that those looking to borrow money for a car or to consolidate debt will have to pay back more than they would have done previously.
Moneyfacts also found that lenders are offering a variety of different loan terms, ranging from one to five years. This means that borrowers can choose the loan term that best suits their needs and budget.
The analysis also revealed that lenders are offering a range of incentives to encourage people to take out loans with them. These incentives include cashback offers, free legal advice and free valuations.
Overall, Moneyfacts’ analysis shows that lenders are offering a combination of interest rate cuts and increases, as well as a variety of different loan terms and incentives. This means that borrowers can find the loan that best suits their needs and budget. It is therefore important for borrowers to shop around and compare different lenders before taking out a loan.