Coventry, Leeds, MPowered, Nationwide and Halifax making marginal mortgage rate improvements

by Aaron Strutt

Sep 01 2023

More mortgage lenders have lowered their rates over the last few days, but many banks and building societies are not making significant price reductions. 

Coventry for Intermediaries, Leeds Building Society, Halifax, MPowered Mortgages, Nationwide for Intermediares and TSB have all announced mortgage rate improvements.

Nationwide for Intermediares has lowered selected fixed and tracker rates by up to 0.15%. This includes rates across its new business, switcher, additional borrowing and existing customers moving home product ranges.

Leeds Building Society has reduced rates on 26 products across its shared ownership and five-year fixes by up to 0.25%. Meanwhile, Coventry for Intermediaries has cut residential rates across its two, three and five-year fixes by up to 0.45% and buy-to-let deals by up to 0.28%.

MPowered Mortgages have also improved rates, cutting deals across all three-year fixes and select two-year products by up to 0.05%. The lender has also introduced 10% deposit products for first-time buyers with two, three and five-year fixes available.

TSB made some of the most significant price reductions over the last week, with some rates lowered by up to 0.50%. This includes launching a new five-year fixed rate available just below 5.50%.

What is happening to mortgage rates?

Mortgage rates are decreasing, but many banks and building societies are still not keen to offer the lowest rates in the market. This means many of their most competitively priced deals have not come down a huge amount.

The Bank of England's Monetary Policy Committee is set to raise the base rate on the 21st of September, making it harder for lenders to lower their mortgages. 

Many of our clients are taking two and five-year fixes, although tracker rates without early repayment charges are popular with clients who hope the base rate will come down next year.

Call Trinity Financial on 020 7016 0790 to secure a mortgage or book a consultation 

The information contained within was correct at the time of publication but is subject to change.

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