List of lenders that have lowered mortgages after Bank of England interest rate update
Several banks and building societies have announced mortgage rate changes or reversion rates following the base rate cut.
The Bank of England finally lowered its base rate from 5.25% to 5%—the first reduction since March 2020. This is good news for those with variable mortgages.
The mortgage rate changes announced so far include:
Accord Mortgages
Accord Mortgages has lowered some fixed and tracker rates by up to 0.25%. The lender has reduced its five-year fixed rate for borrowers with a 10% deposit by 0.20% for those looking for an advance of between £100,000 and £500,000.
Barclays for Intermediaries
Barclays has lowered its tracker rates by 0.25%, which aligns with the base rate reduction. Its standard revert-to rates have also been reduced by 0.25% to 8.49%.
Halifax for Intermediaries
The standard variable rate was reduced by 0.25% to 8.49%. Varibale tracker rates were reduced by 0.25% in line with the base rate.
HSBC for Intermediaries
HSBC’s variable tracker rate mortgages have been reduced by 0.25%, which aligns with the base rate reduction.
Leeds Building Society
Leeds Building Society has announced that selected residential fixed rates will be reduced by 0.10%, and selected Shared Ownership rates will come down by 0.12%.
The Co-operative Bank
The standard revert to rate was reduced by 0.25% to 7.87%, and the variable rate mortgages were lowered by 0.25% in line with the base rate.
TSB for Intermediaries
TSB has made reductions to selected fixed rates of up to 0.20%.
Santander for Intermediraies
Tracker products will go down by 0.25%. Payments will go down from 30 September at the earliest. This includes the Follow-on Rate, which will decrease by 0.25% to 8.25%. Standard Variable Rate (SVR) will go down by 0.25% to 7.25%.
Virgin Money
Variable rate tracker mortgages reduced by 0.25% in line with base rate.
Precise
Revert to rates and variable rate mortgages reduced by 0.25%, which aligns with the BBR reduction.
Skipton Building Society
Skipton has announced a selection of rate changes. Its tracker rates have been lowered, including its Track Record (no deposit scheme for renters). The base rate change means some borrowers taking the Track Record mortgage may be able to secure a more generous loan size.
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The information contained within was correct at the time of publication but is subject to change.
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