Britain’s biggest banks are cutting the mortgage rates on offer as competition to attract borrowers heats up over the summer.
Halifax,
, Barclays, Santander and NatWest are among those to shake up their ranges this week. It could bring some relief to borrowers searching for a better deal, although in the higher interest rate environment many people looking to re-mortgage will still find rates are significantly higher than those they have previously been paying. Some 1.6 million mortgages are coming off fixed rates this year, according to UK Finance.
also plans to snip some rates in its mortgage product ranges. Those who may see HSBC’s rates fall include existing customers looking to switch or borrow more, as well as first-time buyers and home movers. Santander reduced selected fixed rates for home buyers on Thursday, by up to 0.16 percentage points. Yorkshire Building Society also said on Thursday it has reduced its mortgage interest rates by up to 0.20 percentage points “with immediate effect”.
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