Barclays, NatWest, Santander and TSB are among the latest lenders to cut rates this week in a major wave of rate revisions.
Barclays logo on the building. Glasgow, United Kingdom.
NatWest is making cuts of up to 31 basis points, Santander to 21 basis points, TSB to 20 basis points and Barclays to 13 basis points.
Other lenders cutting prices include Molo, by up to 53 basis points.
Meanwhile, Kensington is making more modest cuts, with some buy-to-let transactions being cut by as much as 10 basis points.
NatWest’s sharpest cuts are on the two-year fixed Help to Buy share remortgage with a 75% LTV, no fees and £500 cashback, which will fall by 31 basis points to 4.99%.
A free refinance of a two-year mortgage with the same LTV will also drop by 31 basis points to 4.84%.
In Santander’s major repricing, which comes into effect tomorrow, the biggest cuts will be on selected first-time buyer rates.
A 60% LTV fix for two years with a £999 fee and £250 cashback, reduced by 21 basis points to 4.44%.
The lender is also reducing a three-year fixed deal for a first-time buyer with a 95% LTV, no fees and £250 cashback, by 19 basis points to 5.3%.
For movers, a 60% LTV fix over two years with a £1,499 fee and £250 cashback will fall by 18 basis points to 4.32%.
Molo Finance is also making significant cuts to some of its specialist deals for international borrowers.
The steepest of these concerns five-year rates for non-residents, where rates have fallen by 53 basis points and now start at 6.07%.
TSB’s revaluation, which came into effect today, includes cuts of up to 20 basis points on two-, three- and five-year purchase fixes.
Barclays is reducing selected three-year refinancing products by up to 13 basis points, in addition to reductions of up to 10 basis points on selected purchase and Green Home products.
Aaron Strutt, product and communications director at Trinity Financial, highlights that Barclays Green Home’s five-year fixed rate 4.23% fee with an £899 fee at a 60% LTV is particularly competitive.
The rate is reduced from 4.33% previously.
Strutt points out that interest rates are now lower than Nationwide Building Society’s five-year best-buy fix at 4.31%.
However, the reduced Barclays product can only be used for the purchase of new-build homes with an energy label A or B.