Barclays and HSBC joined numerous lenders this week in cutting interest rates.
Barclays logo on the building. Glasgow, United Kingdom.
Barclays is cutting prices by up to 19 basis points, launching new products, but also increasing rates on some deals by up to 11 basis points tomorrow.
Some of the most notable changes involve residential-only refinancing products.
A 60% five-year term, fixed at 5.01% with a £999 fee, will fall by 18 basis points to 4.83%, while the fee-free equivalent will fall by 19 basis points (5.01%).
Many other deals will drop by smaller amounts.
At the same time, Barclays is increasing residential LTV deals by around 90%, including a five-year fixed rate of 5.19% without fees, which rises by 11 basis points to 5.3%.
HSBC reduces rates on some home and buy-to-let products, but never warns advisers in advance about the extent of any changes.
Earlier today, NatWest, TSB and Accord announced interest rate cuts.
Trinity Financial product and communications director Aaron Strutt said: “After a week of very few interest rate changes, a selection of lenders have announced price improvements at almost the same time.
NatWest is cutting rates by up to 19 basis points, TSB by up to 35 basis points and Accord by up to 45 basis points in the latest wave of lender repricing.
“Barclays is launching a two-year tracker at 3.96% that matches Halifax’s best buy product, as the bank looks to attract more of the rapidly growing number of borrowers keen to accept variable rates, while also improving some of its other fixed interest rates.”
Strutt added: “Swap rates have been quite volatile recently, but many lenders have said they have secured funding for a few weeks.
“Hopefully the Bank of England base rate will remain unchanged tomorrow and this will lead to relief in mortgage financing costs.
“Nationwide has a decent two-year fix of 4.5% and a five-year fix of 4.68%.
“TSB now has the most competitive three-year solution, priced at 4.64%.
“While it is great to see interest rates falling again, fixed interest rate price increases cannot be ruled out in the coming weeks.”