Five major UK banks slash mortgage rates for millions of homeowners
manchestereveningnews.co.ukThe UK's largest banks are slashing their mortgage rates as competition to attract borrowers intensifies this summer. Halifax, HSBC UK, Barclays, Santander and NatWest are lowering their rates this week in a move which will help homeowners across the country.
Lower rates could provide some relief for those seeking a better deal, although many looking to re-mortgage may still find rates significantly higher than what they were previously paying due to the current high-interest rate environment.
According to UK Finance, approximately 1.6 million mortgages are set to come off fixed rates this year. Barclays has announced reductions in rates on a selection of products from Friday, including its residential and buy-to-let ranges. READ MORE: What is now costs to rent across Britain as prices hit 'record-high' HSBC UK also plans to cut some rates in its mortgage product ranges from Friday, with further details to be provided on the day.
The bank's rate reductions will potentially benefit existing customers looking to switch or borrow more, as well as first-time buyers and home movers.
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