Mortgage Introducer - Santander, HSBC reduce mortgage rates
Santander and HSBC have announced mortgage rate cuts as easing swap rates prompt some lenders to reduce pricing.
Santander will lower a range of residential and buy-to-let rates from Monday, 11 May, with changes including cuts of up to 15 basis points (bps) across all 10-year fixed rates for first-time buyers. Selected homemover deals will fall by a similar amount.
“Swap rates have started to come down again and some lenders are still improving their mortgage rates even though it looked pretty certain they were going to start putting them up just a few days ago,” said Aaron Strutt (pictured right), product director at mortgage broker Trinity Financial.
“Santander is bringing the price of its trackers back down, which is good news because they are still very popular even though there are messages coming out that the base rate may have to rise. HSBC's 4.45% two-year fix, TSB's 4.64% three-year fix and HSBC's 4.61% five-year fix top the best buy tables, although Barclays and Halifax still have sub-4% trackers.
“There is a lot of economic uncertainty at the moment, but lots of people still want to get on the property ladder. We are speaking to more renters trying to purchase their rented homes using concessionary purchase mortgages as the number of buy-to-let properties being put on the market continues to rise. We are still helping lots of buyers work out how much they can borrow and how much their mortgages would cost and while it is clearly higher than a few months ago most clients understand why.
“While they know rates are higher, they are still eager to know when they will come back down again and this is clearly lined to Donald Trump and the Iran war coming to an end. There has also been a rise in the number of down valuations, and this is causing buyers problems.”
Speak to a Trinity Financial adviser today
The mortgage market moves fast — and the right advice can make a significant difference to the rate and deal you secure. Get in touch with our team to discuss your options.
Call Trinity Financial on 020 7016 0790 to secure a fixed or tracker rate mortgage, book a consultation, or use our appointment calendar
The information contained within was correct at the time of publication but is subject to change. It is for general information purposes and is not advice.
Your mortgage is secured on your property. Your property may be repossessed if you do not keep up repayments on your mortgage
Get started today
Speak to one of our mortgage experts. Book an appointment to come and see us or request one of our experts to call you.
