Cheltenham & Gloucester announce further rate cuts

C&G said that mainstream two year fixed rate products will be reduced by up to 0.12 per cent, with the lowest two year fixed rate available being 4.99 per cent, on house purchases and remortgages up to 75 per cent LTV. Also being cut is the 90 per cent two year fixed product, which will be reduced by 0.12 per cent to 6.13 per cent.

Commenting, Stephen Noakes, director of marketing at Cheltenham & Gloucester said: "Over the last month there have been consistent improvements in funding costs, which we have been able to pass on to customers. Hopefully today's announcement should help bring back some much needed confidence to consumers looking for a mortgage."