- Several major lenders, including HSBC, TSB, Aldermore and Santander, have announced cuts to their mortgage rates, indicating a potential easing in the market.
- HSBC reduced rates by up to 0.25 percentage points for first-time buyers, home-movers, and buy-to-let customers, while Aldermore cut 2 and 5-year fixed rates by 0.20 per cent, including a new two-year fix at 4.99 per cent for 75 per cent loan-to-value.
- TSB is set to reduce residential purchase and remortgage rates by up to 0.6 per cent and Buy to Let rates by up to 0.8 per cent from Friday, with Santander also cutting rates by up to 0.25 percentage points from later this week.
- Mortgage experts caution that these lower rates could be short-lived, urging borrowers to act quickly due to volatile swap rates, which are the industry benchmark for fixed-rate mortgage pricing.
- The average 2-year fixed residential mortgage rate now stands at 5.82 per cent and the 5-year at 5.72 per cent, both slightly down, though borrowers are still paying nearly 1.0 per cent more than just two months ago, influenced by the economic shock of the Iran conflict.
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