Santander, HSBC, Barclays and TSB announce mortgage rate pricing improvements
Santander for Intermediaries is the latest big bank to announce fixed-rate pricing improvements across its residential and buy-to-let mortgages. On Thursday, May 23rd, the bank will lower some rates by between 0.02% and 0.27%.
Three of the UK's larger lenders lowered their mortgage rates last week, reversing some of the price hikes we have seen in recent weeks.
Barclays for Intermediaries lowered its two-, three-, and five-year fixes for property purchases and remortgages for new and existing customers. The largest reduction was 0.45% to its five-year fix for those with a 40% deposit and borrowing between £5,000 and £2 million. Barclays now has a leading three-year fixed rate of just over 4.3% which undercuts virtually all other rates.
HSBC for Intermediaries improved its fixed rates by up to 0.18% while TSB lowered its rates by 0.10%.
Aaron Strutt, product director at Trinity Financial, says, "Now that four larger lenders have announced they are lowering their residential rates, others will probably do the same thing. The issue is that the cost of funding continues to fluctuate, meaning pricing changes.
"Nationwide for Intermediaries currently has one of the most competitively priced five-year fixed rates. It is just below 4.35% and available for mortgages between £300,000 and £5 million.
"Lots of borrowers are taking two-year fixes as they expect rates to come down over the near term. The Bank of England seems to be getting closer to lowering the base rate, which means fixed rates should come down, assuming there are no big hits to the UK economy."
BM Solutions, the specialist buy-to-let lender, also announced it is lowering its rates by 0.2%. It recently launched some lower rates with 3 per cent arrangement fee products.
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The information contained within was correct at the time of publication but is subject to change.
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