Accord, HSBC and Platform lowering mortgage rates

by Aaron Strutt

Jul 25 2023

Some mortgage lenders have started to reverse the almost constant fixed rate increases we have seen recently.

HSBC for Intermediaries is the largest bank to announce mortgage rate reductions following the higher-than-expected inflation figures. The bank will confirm tomorrow how much its mortgages have come down by.

Accord Mortgages has lowered a selection of its rates by up to 0.45%. Mortgages for borrowers with a five or ten per cent deposit will see the most significant reductions.

Platform, the broker lending arm of The Co-operative Bank, is lowering its two, three, five and ten-year fixes for borrowers with a 40% deposit by up to 0.29%.

Aaron Strutt, product director at Trinity Financial, says: "It is good news that we are starting to see rates come down, and we expect other lenders to lower their prices over the coming days. The latest Bank of England base rate announcement is next week and there are expectations of another rate hike even though many people want a break from the increases.

"Santander has pushed up its fixed rates again for new and existing customers, so the market has a mixed picture. Last week there were quite a few fixed and tracker rate increases."

Pepper Money is also lowering rates by up to 0.90%. In a note to brokers, the lender said, 'After several interest rate hikes, we're pleased to offer these lower rates for your customers.'

What has Santander changed? 

Santander has increased its residential mortgage rates by between 0.13% and 0.36% and raised its buy-to-let mortgages by between 0.05% and 0.29%. Unfortunately, its existing customer rates have increased by between 0.36% and 0.67% while the bank has also raised its one-year fixed product. The bank has also pulled its larger loan buy-to-let exclusives. 

Search the market to ensure you are getting the most cost-effective rate 

If you are searching for a mortgage, it is important to ensure you are getting the most competitively priced deals rather than just sticking with your bank or existing lender.

Call Trinity Financial on 020 7016 0790 to secure a mortgage or book a consultation 

The information contained within was correct at the time of publication but is subject to change.

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