Mortgage rates cut, but first time buyers still find it tough

The recent crisis in the Eurozone has produced a surprise side effect for UK residential mortgages as lenders have cut fixed rate mortgages to new lows, first time buyers though and those with low deposits are still finding it hard to get a mortgage. Reduced Fixed Rates Many lenders, including Barclays, Skipton and Nationwide have reduced their fixed rates significantly; Northern Rock for example has cut 0.9% from its five year fixed rate. The Coventry Building Society has reduced their five year fixed rate to less than 3.5% for the first time ever. Moneyfacts said the current best buy fixed-rate mortgages for four and ...