Santander, Barclays, TSB and the Halifax are reducing rates on new deals after some others cut the cost of new home loans earlier this week
High street banks are reducing interest rates on new home loans for both buyers and those looking to remortgage, ahead of the impending Stamp Duty hike. Santander, Barclays, TSB and Halifax are among those lowering rates on new deals, following other lenders who reduced the cost of new home loans earlier this week.
Recent Bank of England figures suggest that as many as four million homebuyers could face 'extreme payment shock' due to higher mortgage repayments over the next three years. Santander has reduced over 70 fixed-rate loans by up to 23 basis points, while TSB is withdrawing selected purchase products and reducing others by as much as 15 basis points.
Introducing these new rates, with many offering a £0 product switching fee, will benefit our customers and may help to ease the financial burden involved in buying and moving house. "Iain Swatton, Director at Exemplar Financial Services, welcomed the cuts saying: "With lenders starting to unwrap festive treats for borrowers, competition in the market is heating up like a glass of mulled wine.
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