Fixed rate cuts took precedence in the mortgage market this week, and as Moneyfacts financial expert Rachel Springall notes, this included notable cuts by some of the country’s largest lenders, leading to a fall in the overall average interest rate from week to week.
“The prominent brands that cut selected fixed interest rates this week included Lloyds Bank by up to 0.32%, Halifax by up to 0.32%, TSB by up to 0.25%, HSBC by up to 0.24%, NatWest by maximum 0.16%, but also increases up to 0.15%,” Springall explains.
Building societies have also introduced some rate changes this week, including Nationwide Building Society by up to 0.26%, Skipton Building Society by up to 0.40%, Leeds Building Society by up to 0.35% and Furness Building Society by up to 0.35% . 0.35%, Cumberland Building Society with up to 0.20%, Yorkshire Building Society with up to 0.20%, Family Building Society with up to 0.30% and Monmouthshire Building Society with up to 0.20%.
The rate cuts didn’t stop there: a few more lenders moved to cut rates, including Kensington by up to 0.55%, MPowered Mortgages by up to 0.17% and Gen H by up to 0.20%, but the lender also increases in interest rates. up to 0.20%.
Springall has also listed a number of standout deals emerging this week, including a five-year fixed rate deal from Skipton Building Society, priced at 5.19% and available at a 95% loan-to-value for customers who buy a house. Free valuation and no product fees are charged, so this can be an attractive choice for borrowers looking to save on the upfront costs of their mortgage.
She concluded: “The trend of rate cuts continues, which is positive sentiment for the mortgage market as lenders work hard to entice borrowers.”