The lenders have announced several mortgage rate reductions across products for existing purchase and remortgage borrowers.
As of today (Friday 17 May), cuts of up to 0.45% have been made to Barclays’ mortgage rates.
This includes the remortgage-only product for premier borrowers at 60% loan to value (LTV), which has been cut from 4.76% to 4.31%. This deal is fixed for five years and has a £999 fee.
The alternative for standard borrowers has been cut from 4.77% to 4.32%.
The five-year fixed remortgage at 75% LTV with a £999 fee has been reduced from 4.84% to 4.45%.
Changes have also been made to select Great Escape, standard and premier remortgages at 60% and 75% LTV.
Across its purchase deals, reductions have been made to select three- and five-year fixed deals, including the standard five-year fix at 60% LTV with a £899 fee, which has gone down from 4.47% to 4.34%.
At 75% LTV, the five-year fix with a £899 fee has been cut from 4.73% to 4.44%, while the fee-free option has gone down from 4.9% to 4.58%.
Reductions have also been made to purchase and remortgage deals, as well as Barclays’ reward options for existing customers.
HSBC lowers mortgage rates
HSBC has also announced reductions to mortgage rates, which also take effect from today for new and existing borrowers.
This applies to residential and buy-to-let (BTL) options for purchase, remortgage, homemoving, borrowing more, international, cashback and switching options.
Adjustments have been made to select standard, fee-saver and premier exclusive products, fixed for two, three or five years. This also applies to deals between 60% and 90% LTV.
HSBC has also pulled its 10-year fixed fee-saver and standard products for residential remortgage until further notice.
These changes come a week after HSBC increased its existing borrower rates.
TSB lowers resi rates
TSB has made cuts of up to 0.1% to its residential mortgage range.
This includes its two- and five-year fixes for first-time buyers and homemovers, which have been reduced across deals up to 75% LTV by as much as 0.1%.
Two-year fixed rates for first-time buyers and homemovers now start from 4.84% at 60% LTV with a £995 fee or 5.24% with no fee.
TSB has also lowered its two-year fixed remortgage rates up to 75% LTV by 0.1%.
Nicholas Mendes, mortgage technical manager at broker John Charcol, said the latest decision to reprice rates downward are a positive development.
“This move is anticipated to increase competition among lenders, potentially leading to more favourable mortgage rates for consumers,” he said.
Mendes added: “For those who have recently applied for a mortgage, it is advisable to consult with a mortgage broker. Given the changing market conditions, you may have the opportunity to switch to a lower rate, which could result in substantial savings over the term of your mortgage.
“Speaking with a broker will help you understand your options and make an informed decision considering these recent market adjustments.”
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