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Mortgage deal news – rate drops

Despite some dubious decisions from the Monetary Policy Committee in this month’s Base rate review, several major mortgage lenders have started to react positively to the economic changes. Earlier this month, the Bank of England base rate for mortgage and other borrowing was held at 5.25% for the 7th consecutive review.

We’re now seeing extreme pressure on the MPC to reduce the rate and expect it to react with a 0.25% reduction in July, after the General Election. Mortgage interest rates have been fluctuating slightly over the past several months and we’re seeing major instability in the amount of time that deals are available for.

Several lenders have now started to react to the impending and almost certain rate reduction in the coming weeks, by pre-empting reduced interest rates. NatWest was the first to react at the end of last week with rates dropping across the entire mortgage range for buyers and remortgaging.

Since then, several other major mortgage lenders and specialist mortgage lenders have announced rates cuts. This seems to be some positive news for mortgage borrowers and hopefully a sign of some light at the end of the tunnel for families.

Mortgage lender rate reductions include:

Several lenders are now cutting rates across their residential and Buy-to-Let ranges by as much as 0.65% for some deals. This news could come as a relief to many mortgage borrowers who are worried about affordability and cost of living.

Our tables below shows some of the key changes for several mortgage lenders and what this means for mortgage borrowers.

Barclays Mortgages

Mortgage DealLoan-to-ValueFeeOld RateNew Rate
Premier 2yr Fixed60%£8994.98%4.67%
2yr Fixed60%£8994.99%4.68%
2yr Fixed60%£05.13%4.88%
2yr Fixed85%£8995.14%4.93%
2yr Fixed85%£05.33%5.15%
5yr Fixed60%£8994.41%4.23%
5yr Fixed60%£04.53%4.38%
5yr Fixed85%£8994.73%4.57%
5yr Fixed85%£04.90%4.75%

These are just a handful of the rates that are coming down across the Barclays Mortgage range for new and existing customers. On average the new mortgage rates are 0.15% lower than the previous range of mortgage products for Barclays.

We’re seeing similar changes to the rates from HSBC and some of the other lenders are expected to join in this rate change over the coming weeks or months.

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What should I do with my mortgage?

The current mortgage market is still extremely volatile and difficult to navigate for many new and existing mortgage borrowers. We’re expecting to see minor changes across several lenders mortgage rates and more leniency in terms of lending criteria.

If you need to speak to one of our friendly team of qualified mortgage experts then you can contact us on 0800 009 6559 or CLICK HERE for more information.

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