Wing Hang Bank has stepped into the competition for mortgage loans by lowering its mortgage lending rate to 9.25 per cent. The bank said yesterday the move was 'to enhance its competitive position in the market'. The bank unofficially had cut its rate to 9.25 per cent during Easter. 'We have kept a close watch on the market and responded to changes in mortgage rates to enhance our competitive position on pricing,' according to the bank's product and service development manager, Stephen Wong. On Monday, Bank of East Asia broke ranks with the sector by offering a one percentage point reduction on the standard mortgage rate, now at 10.25 per cent. Banks recently have been offering preferential rates to customers to gain market share amid the property market lull.