Exciting news for homebuyers! Some of the largest lenders in Britain are getting ready to lower their mortgage rates, which could make it easier for you to buy your dream home
CUTTING DOWN: Nationwide Building Society, HSBC UK and TSB are expected to cut some home loan rates
Nationwide Building Society is leading the way with reductions of up to 0.55 percentage points on its fixed mortgage options from Wednesday, August 9. HSBC UK is also expected to announce rate cuts soon, whereas TSB is making reductions of up to 0.40 percentage points to selected five-year fixed homeowner mortgages, with rates starting from 5.44 per cent.
Last week, they raised it from 5 per cent to 5.25 per cent, but now it might not need to go up so much because inflation isn't rising as fast. According to the Office for National Statistics , the UK Consumer Prices Index inflation was 7.9 per cent in June, slowing from 8.7 per cent in May. Remortgage customers are offered reductions of up to 0.35 percentage points on certain two, three, and five-year fixed loans. Conversely, rates for the society's array of two-year tracker mortgages will increase by 0.25 percentage points, as per product terms, aligning with the recent rise in the base rate.
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