More mortgage lenders have announced rate cuts after a slew of of reductions last week.<\/p>\n
Barclays said it is cutting rates across more than 20 mortgage products from Wednesday.<\/p>\n
The reductions include a two-year fixed-rate home buyer mortgage being reduced from 4.95% to 4.60%, for people with a 40% deposit. The product has a \u00a3899 fee.<\/p>\n
A five-year fixed-rate home buyer mortgage for people with a 20% deposit will decrease from 5.11% to 4.96%. The deal has no product fee.<\/p>\n
Skipton Building Society will also reduce mortgage rates from Wednesday, as well as launching some new products.<\/p>\n
Several lenders, including HSBC UK, Halifax Intermediaries, Santander and TSB made reductions last week amid the easing environment for swap rates, which are used by lenders to price mortgages.<\/p>\n
The conflict in the Middle East prompted market volatility and uncertainty about the future of interest rates.<\/p>\n
Financial information website Moneyfacts said average two and five-year homeowner mortgage rates on Tuesday morning were unchanged from Monday.<\/p>\n
But while some average rates appear to have reached a plateau in recent days, they have increased significantly in recent weeks.<\/p>\n
The average two-year fixed-rate homeowner mortgage was 4.83% at the start of March and 5.87% on Tuesday morning.<\/p>\n
The average five-year fixed-rate homeowner mortgage has risen from 4.95% at the start of March to 5.76% on Tuesday morning, according to Moneyfacts.<\/p>\n
Jen Lloyd, head of mortgage products and propositions at Skipton, said: \u201cFollowing the reductions we made earlier this month, we\u2019re pleased to be able to cut rates further.<\/p>\n
\u201cWhile falling rates offer encouraging signs for the market, a degree of caution remains important. Conditions continue to be volatile amid ongoing global conflicts and broader economic uncertainty, and it\u2019s too early to say whether this marks a sustained downward trend.<\/p>\n
\u201cAgainst this backdrop, recent easing in swap rates has enabled us to pass on additional savings through our mortgage pricing.<\/p>\n
\u201cThis is a welcome development for existing homeowners and prospective buyers alike, providing some much\u2011needed relief and a potential boost for home buyers at a time when affordability remains under pressure.<\/p>\n
\u201cWe\u2019ll continue to monitor developments closely and respond responsibly where we can.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"More mortgage lenders have announced rate cuts after a slew of of reductions last week. Barclays said it…\n","protected":false},"author":2,"featured_media":543381,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[11],"tags":[84,1294,184940,167237,71488,11750,187188,175399,86795,56,54,55],"class_list":{"0":"post-543380","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-economy","8":"tag-business","9":"tag-economy","10":"tag-halifax-intermediaries","11":"tag-moneyfacts","12":"tag-mortgage-lenders","13":"tag-mortgage-rates","14":"tag-skipton-building-society","15":"tag-swap-rates","16":"tag-tuesday-morning","17":"tag-uk","18":"tag-united-kingdom","19":"tag-unitedkingdom"},"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/posts\/543380","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/comments?post=543380"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/posts\/543380\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/media\/543381"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/media?parent=543380"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/categories?post=543380"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/tags?post=543380"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}