The mortgage rate war that started over the quieter summer months has shown no signs of abating just yet, in fact if anything, it seems to be accelerating as lenders get themselves in a bit of a lather chasing business.

This has been exacerbated by recent falls in Swap Rates, with the cost of 5 year money dropping by 0.28% in the past 3 weeks to now stand at its lowest point since December last year. Whether we will see the low 5 year fixes we saw several months ago remains to be seen but it looks like it is going to be an incredibly competitive end to the year.

As a result we have seen most of the main lenders cutting a whole body of rates further, with Halifax, Natwest and Post Office the latest ones to bring out cheaper products.

As the battle intensifies it is not just the cost of the product that is affected. We are also seeing some easing of criteria from lenders who are relaxing after the initial knee-jerk reaction of the Mortgage Market Review implementation.

Whilst this in no way means that lenders are being lax, after all there are many rules around affordability now enshrined in stone, this should mean that more borrowers will be able to access the mortgage market and groups such as self-employed and contractors find that they are better catered for in the future.

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