Lenders are continuing to drop the cost of their mortgages as speculation grows that the Bank of England could opt to cut the interest rate for the first time in four years next week.
Earlier this week, Nationwide reduced some products below 4% as it cut rates by up to 0.25% across its two, three and five-year fixed rate products.
Barclays and TSB have become the latest lenders to cut fixed-rate deals, with a summer price war appearing to intensify ahead of the Bank of England interest rate decision on Thursday 1 August.
Barclays announced cuts of up to 0.1% to a wide range of its residential purchase and remortgage deals, effective from today (26 July). The lender is offering a five-year fixed rate for home purchase at 4.04%, with an £899 fee, for borrowers with at least a 40% cash deposit (60% loan to value), while Barclays Premier Banking customers can get the same deal at 4.03%.
TSB, meanwhile, has lowered selected fixed rates for new and existing customers by up to 0.2%, effective from today. The lender is offering a two-year fixed rate for home purchase from 4.54% with a £995 fee, or at 4.14% over five-years, with the deal requiring at least 40% cash deposit.
A number of other lenders have also reduced borrowing rates this week, including Skipton, Mpowered Mortgages and Atom Bank.
If you would like to speak to one of our friendly mortgage team then either contact one of our offices by telephone or email mortgages@smith-and-friends.co.uk
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