More lenders continue to cut mortgage rates
Despite last week’s increase to the Bank of England Bank Rate, mortgage lenders continue to cut rates, in a move that offers confidence that the markets expect rates to keep on falling in the medium to long term.
Below is a selection of mortgage rate cuts that have been recently announced by the big lenders.
HSBC has cut its fixed rates for residential and buy-to-let customers. It follows a rate cut for high loan to value (LTV) customers at the end of last week. The rate reductions, effective today will benefit first-time buyers, existing borrowers, and movers, remortgage customers and existing and new buy-to-let customers as well as international residential customers.
Nationwide building society has cut rates across its fixed and tracker mortgage range. The reductions were effective from last week across remortgage, home mover and first-time buyer deals. It is offering a five-year fix at 3.94% (60% LTV) with a £999 fee, or at 3.99% (75% LTV) with the same fee. The two-year fee-free fixed rate is at 4.49% (60% LTV). The three-year fixed-rate first-time buyer deal is 4.89% (90% LTV) with a £999 fee.
NatWest has reduced its buy-to-let fixed rates by up to 0.27 percentage points. For BtL it has a five-year fix (75% LTV) at 4.62% with a £995 fee. Its BtL green mortgage five-year fix is now at 4.51% (65% LTV), also with a £995 fee. For residential fixed rates the two-year fix at 90% LTV is increased by 0.06 percentage points to 4.99% while the five-year fix has risen 0.05 percentage points to 4.58%. Both deals have a £995 fee.
HSBC has cut fixed rates at high loan to value (LTV) ratios across its range for new and existing customers, including first-time buyer deals. Its two-year fix for new residential mortgage customers at 80% LTV has fallen and is now 4.59%, the three-year fix is 4.54% and the five-year fix is 4.24%, also at 80% LTV.
This is a positive sign that should be shared with any sellers or buyers who are nervous in the current market...