Barclays to launch market leading five-year fix (but there is a catch) as HSBC and Santander to lower mortgage rates
Barclays, HSBC and Santander have announced they are lowering their mortgage rates as the lenders look to attract more borrowers in the run-up to Christmas.
The current slowdown in the UK mortgage and property market is also making them work a bit harder, as many buyers wait to see what Labour announces in the November Budget.
Barclays is introducing a five-year fix tomorrow priced at just over 3.90% with a £899 arrangement fee for borrowers with a 40% deposit. The maximum loan size is £2 million and properties will need to have an energy efficiency rating of 81 or above, or have energy efficiency bands A or B to qualify. The rate is marginally higher for properties with lower energy ratings.
Santander is lowering its mortgage rates by around 0.15% for new and existing customers. The Spanish bank is launching a two-year fixed rate starting from just over 3.70% for mortgages between £500,000 and £1.5 million and up to a maximum of £5 million. Product fees starting from £1,999.
According to research from Mojo Mortgages, the average UK buyer waits 87 days, almost three months, between receiving a mortgage offer and completing their purchase. So anyone getting an offer accepted to buy a property now can expect to get their keys in February or March. However, this period is often far longer than anticipated by first-time buyers, typically consumed by conveyancing, legal checks and administrative processes.
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