Bell said rate changes this week are headlined by the Portman Building Society which has come in early with a reduction to their rates. The most notable are the two-year fixed rate which is now at 4.49%, and the five year fixed at 4.89%. He said the only negative aspect to these rates is the Annual Interest Calculation but Portman remains competitive.
Bell added: "The Lambeth Building Society discount is also a very strong product worth considering alongside the Alliance & Leicester tracker. If you have plenty of equity (i.e. more than 40%) then the Abbey two-year tracker at 0.31% under bank base is also a good product.
"I would not expect a great deal of further change but early in 2005 we will need to keep on our toes as rate changes will be frequent. There will be a lot of competitive releases early in 2005 as the lenders jostle for market share."