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Two major mortgage lenders announce ‘very significant’ rate cuts

2024-01-11 00:00:00.0 独立报-英国新闻原网页

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Two major mortgage lenders have unveiled “very significant” mortgage rate cuts, in what one of the UK’s leading mortgage brokers has called a “turning point” for households who have faced years of soaring bills.

Barclays and Santander are the latest to slash rates, following HSBC and Halifax last week.

From Wednesday, Barclays has said it is cutting rates by up to 0.5 per cent and launching a two-year fixed mortgage at 4.17 per cent for anyone with a 60 per cent loan to value, down from 4.62 per cent, with a fee of ￡899.

Santander will also cut rates tomorrow bringing some mortgage deals down to less than 4 per cent.

David Hollingworth at L&C mortgage brokers told The Independent: “It is definitely a turning point. Compared to where we were last summer, rates have dropped massively. It’s good news for buyers.”

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While HSBC’s cuts were notable for bringing rates down below 4 per cent, Barclays says the two-year fixed rate mortgage will apply to anyone buying a new home and not remortgaging for an existing one.

Barclays has joined HSBC, Halifax and Santander in slashing mortgage rates

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Barclays has joined HSBC, Halifax and Santander in slashing mortgage rates

(PA)

Other cuts will apply to 75 per cent LTVs (loan to value ratios involving a 25 per cent deposit), which will see rates drop from 4.7 per cent to 4.2 per cent and 95 per cent mortgages having rates slates from 5.8 per cent to 5.5 per cent.

Santandaer will launch a five-year fixed rate loan at 3.89 per cent with a ￡999 fee for those remortgaging and 3.94 per cent for people buying for the first time with a 40 per cent deposit.

Other changes by Santander include a reduction in standard residential fixed rate mortgages by up to 0.82 per cent for new customers and all new build exclusive rates reduced by up to 0.56 per cent.

All large loan fixed rates will decrease by 0.25 per cent and buy-to-let and five-year fixed rates will go down up by to 0.56 per cent. Buy-to-let three-year fixed rates will be withdrawn.

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