Evening Standard - New hope for home owners as two major mortgage lenders cut their rates

Aaron Strutt Image

Two of Britain’s biggest mortgage lenders both cut the cost of their fixed rate deals today in a hopeful sign for borrowers and first time buyers.

HSBC said that from tomorrow it will be cutting rates across its full range of products although it did not say by how much. Meanwhile Barclays is also cutting rates on many of its deals.

Aaron Strutt of advisers Trinity Financial said: “It wouldn’t be unreasonable to expect fixed rates to come down over the next six months and be somewhere close to the levels they were in January. Five-year fixes need to be around 4% for people to feel like they are getting reasonable value for money.”

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