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Nearly 3,000 mortgage rate reductions in last few weeks – Mortgage Metrics

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  • 22/09/2023
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Nearly 3,000 mortgage rate reductions in last few weeks – Mortgage Metrics
A tool which tracks mortgage rate changes has recorded over 2,800 reductions since the start of this month.

The Mortgage Metrics tool tracks 20 lenders and found over half had made more than one change in the period from 1 to 22 September. 

This includes the big six lenders and others such as Coventry Building Society, Virgin Money, Clydesdale Bank and Skipton Building Society. 

The platform was created by mortgage brokers Lee Flavin and Chris Evans to provide intermediaries with automated, up-to-date alerts to notify them of rate changes in one place. 

The firm said brokers could save “many hours a week” through the platform and users had reported benefitting from not having to go through lender product guides to see if a rate they had previously secured had since changed. 

Mortgage Metrics also produces an estimated monthly saving figure which brokers can share with their clients. 

Lee Flavin, co-founder of Mortgage Metrics, said: “It is more important than ever that brokers keep on top of the huge number of mortgage rate cuts being announced. This flood is only likely to get stronger and stronger in the coming weeks and months.” 

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