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.”
Shekina is the deputy editor at Mortgage Solutions and commercial editor at Mortgage Solutions and Specialist Lending Solutions. She has nearly eight years of experience in the B2B publishing market, having previously covered the hospitality, retail, pet, accounting and jewellery sectors.
Shekina has worked for Mortgage Solutions and Specialist Lending Solutions for almost five years. Here, she covers the market’s breaking news stories, engages with professionals in the sector, and oversees any commercially agreed content in partnership with mortgage-related companies.
This includes presenting webinars and hosting roundtable discussions on developing themes in the mortgage sector.
She is an NCTJ-trained journalist and was nominated for the Headline Money Awards Mortgage Journalist of the Year in 2021.
In her spare time, Shekina likes to read, travel, listen to music and socialise with friends.
She currently reports on current events in the mortgage market and liaises with financial clients to produce sponsored content.
Follow her on Twitter at @ShekinaMS
