Three more major lenders have announced cuts to mortgage rates as the battle for borrowers heats up, with experts predicting a wave of deals in the run-up to Christmas
HSBC has followed in the footsteps of Barclays and TSB, announcing sweeping cuts to new mortgage costs. This move comes on the heels of other lenders' reductions last week, signalling a brewing price war aimed at attracting new customers.
Notably, many of these newly discounted deals will be accessible to first-time buyers with modest deposits ranging from 10-20%. Barclays' new offerings include a two-year fixed rate at 85% loan to value with a £999 fee, reduced from 5.22% to 5.07%. Michelle Lawson, Director at Lawson Financial, commented: "The weather may be dismal but the sun is starting to shine on the mortgage market. Confidence is definitely returning among consumers more and more of whom are now moving and remortgaging."
Hannah Bashford, Director at Model Financial Solutions, heralded the repeated cuts announced in recent days. She said: "What. A. Day. If this isn't a positive sign on where interest rates are going, I don't know what is."
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