Barclays, HSBC and TSB are among the latest lenders to announce mortgage rate cuts as home loan prices continue to fall.
From today TSB has reduced up to 0.25% off its two-, three- and five-year deals for homeowners and first-time buyers.
Barclays has cut 0.15% off many of its deals, including a two-year fixed rate deal for borrowers with only a 15% deposit. The rate came down from 5.22% to 5.07%.
HSBC said it will be making reductions to its two-, three- and five-year fixed products on LTVs ranging from 60% to 90% from today, although it did not specify how big they would be.
In addition Virgin Money slashed 0.15% off its buy-to-let mortgage rates.
The reductions come as the City wholesale market swap rates that set the price for fixed rate mortgages continue to drift downwards in anticipation of more interest rates cuts by the Bank of England following its 0.25% downward move earlier this month.
Katy Eatenton, Mortgage & Protection Specialist at Lifetime Wealth Management, said: “Lenders are definitely doing their best to make August one of the busiest yet.
“Three major lenders announcing more rate cuts is keeping the market moving in the right direction, even if another base rate card reduction is off the cards in September.”
Ranald Mitchell, director at Charwin Mortgages, added: “With lenders battling it out, borrowers and the property market are set to benefit from this relentless momentum. The race is on, and it’s shaping up to be an exciting end to the year for anyone looking to secure a great mortgage deal.”
