MORTGAGE RATES- Mortgage rate cuts are being announced on an almost daily basis as lenders continue to reprice their home loan deals.
Barclays and TSB are the latest banks to announce mortgage rate cuts. TSB says its deals will reduce by up to 0.4 percentage points from tomorrow.
Meanwhile Barclays has also announced cuts of up to 0.66 percentage points aimed at buy-to-let landlords and homeowners with mortgages of £2million plus.
TSB fixed rate cuts have been welcomed by brokers in particular. Its deals look set to benefit first-time buyers, home movers and those remortgaging.
The products could also benefit some buyers purchasing with as little as a 5 per cent deposit.
Two-year fixes for home movers and first-time buyers are reducing by up to 0.2 percentage points, while five-year fixes are falling by 0.15 percentage points.
Rohit Kohil told the news agency, Newspage: ‘TSB has shown its confidence by slashing rates by up to 0.4 percentage points on products that could potentially help some first-time buyers.
‘Kudos to TSB for taking this leap of faith and we’ll be waiting to see how other lenders react to this move.’
Katy Eatenton, mortgage and protection specialist at Lifetime Wealth Management added: ‘Great reductions across all products shows TSB are open and eager for business.
‘Hopefully this encourages other mainstream lenders to follow suit.’
Barclays’ cuts are largely set to benefit buy to let landlords who own in their personal name.
Those buying with a 25 per cent deposit will now be able to secure a rate as low as 4.32 per cent if fixing for five years, with a £1,295 fee.
In fact, those buying a new build buy-to-let property with an EPC rating of A or B could get as low as 4.22 per cent.
As for landlords remortgaging, from tomorrow, they will be able to get as low as 4.26 per cent when fixing for five years with Barclays.
Contact one of our highly experienced mortgage advisors today on 0121 500 6316 to discuss your mortgage needs.
