Barclays and TSB will cut interest rates tomorrow by 40 basis points and 50 basis points respectively.
Barclays logo on the building. Glasgow, United Kingdom.
Barclays is making widespread cuts to both residential refinancing and buy-to-let deals.
The biggest cuts at Barclays are in buy-to-let remortgage products, with a free two-year fixed rate on 75% LTV set to fall by 40 basis points from 5.5% to 5.1%.
The lender is also cutting a number of other buy-to-let deals by more than 25 basis points tomorrow, as well as some smaller cuts.
The interest rate on home refinancing will decrease by a maximum of 20 basis points.
But Barclays is withdrawing an existing two-year customer rewards offset tracker with a 75% LTV, which had a pay rate of 5.08% with a fee of £1,999.
TSB is making significant cuts of up to 50 basis points per second.
The sharpest reductions relate to buy-to-let and portfolio buy-to-let.
The two-year fixed interest rate for buy-to-let purchase and remortgage interest between 60% and 75% LTV will be reduced by 50 basis points.
Within the housing supply, two-year home purchase products, including affordable housing products, will be reduced by 10 basis points.
Three-year fixed home purchase products with an LTV of up to 85% will be reduced by up to 30 basis points, while five-year fixed home purchase products, including affordable housing products, will be reduced by up to 15 basis points.