Accord, Barclays, NatWest, TSB and HSBC all lowering mortgage rates
After a week of very few rate changes a selection of mortgage lenders have announced pricing improvements at pretty much the same time.
NatWest is improving its fixed rates by up to 0.19% (according to Mortgage Strategy magazine), TSB by up to 0.35% and Accord by up to 0.45% in the latest wave of lender repricing. TSB has made the biggest changes for new borrowers with its two and five-year fixes for house purchases coming down by up to 0.35%. Meanwhile, TSB’s two and five-year fixes for remortgages will fall by up to 0.20%.
Barclays is launching a two-year tracker at 0.21% over the current 3.75% Bank of England base rate, matching Halifax’s best-buy product as the bank looks to attract more of the rapidly increasing number of borrowers keen to take variable rates, while also improving a few of its other fixes.
Mortgage lenders typically use the swap markets to fund their fixed-rate mortgages, and these markets have been quite volatile recently. Many lenders have said they have secured funding to cover them for a few weeks. Hopefully, the Bank of England base rate will stay on hold tomorrow, and this will lead to mortgage funding costs easing.
Aaron Strutt, product director at Trinity Financial, says: "Nationwide has decent two-year fixes priced around 4.50% and a five-year fix priced aroun 4.7%. TSB now has the most competitive three-year fix priced at just below 4.65%.
"While it is great to see rates come down again, fixed rate price hikes over the coming weeks can’t be ruled out. The standard advice in uncertain economic times stands: secure a mortgage rate you think suits your circumstances or looks reasonable value for money as soon as you can, then try to switch to a cheaper deal with the lender before your mortgage is due to complete."
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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.
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