Latest news with #fixedrate
Telegraph
4 days ago
- Business
- Telegraph
‘My wife wants a fixed mortgage. Should she pay for our overspend if rates drop?'
If you have a conundrum that you want answered in a future column, email moralmoney@ All our letters are genuine, but writers are anonymous. Dear Sam, My wife and I are arguing about whether we should get a fixed rate or variable rate – we have a joint mortgage and we can't agree. Should I be able to insist that I am compensated when I am proved right and we end up overpaying our mortgage because she is too scared to track the Bank of England Bank rate? I believe (and so does every other expert on the subject) that interest rates will fall over the next two years, but my wife would prefer to lock us into a fixed rate for two years, so we know what to budget for. I strongly believe this will end up costing us hundreds of pounds that we could avoid by tracking the headline interest rate as it falls. Even if it did rise, we can afford our repayments. If she insists, I feel she should have to compensate me for the over payment of interest – that way her over-cautious nature doesn't rob me and she will have consequences for playing it too safe. – Anonymous Dear reader, You're not the first couple to fall out over money and you certainly won't be the last. It's completely understandable to feel frustrated when you believe logic, data and expert opinion are on your side, but your partner doesn't share your outlook. Financial decisions, especially big ones such as choosing a mortgage, often tap into deep-seated emotions like risk tolerance, fear of the unknown, a need for control. No economic forecast can completely override those very human instincts. You clearly feel confident about the future of interest rates and your ability to weather short-term fluctuations. Your wife, on the other hand, prioritises predictability and peace of mind. Neither position is inherently wrong, just different. What's becoming dangerous is the idea that one of you must 'win', and that the 'loser' should pay a price for their view. My personal interest in how men and women often think and behave differently around finance leads me to mention the gendered dimension here. This is a typical husband/wife dynamic you are displaying, and taking a moment to acknowledge that and respect the 'why' of your gendered positions may be useful. In general, women tend to value security and predictability in financial decisions, especially where household stability is concerned. Men, on the other hand, are often more comfortable with calculated risk and can lean toward competitiveness – wanting to be proven right, to optimise every opportunity, or to beat the system. These traits aren't universal, but they do reflect broad tendencies that might help explain the emotional weight behind each of your positions. Marriage is not a zero-sum game and framing your disagreement in terms of compensation risks damaging the emotional partnership that sits behind the financial one. You're not business partners striking a deal. You are life partners navigating uncertainty. If your wife chose a fixed rate and interest rates did fall, she'd already carry the emotional burden of seeing that her cautious approach came at a financial cost. Adding financial penalties would turn a shared decision into a battleground of blame. Instead, I encourage you to take a step back and reconsider the purpose of the conversation. Is it about being right, or is it about feeling safe and secure as a couple? You say you can afford repayments even if rates rise, which suggests your argument isn't about financial survival, but about principle. That's valid, but it's also an invitation to find common ground, not a chance to 'win'. You could propose a compromise product: some lenders offer 'tracker with a cap' deals, which follow the base rate but protect against extreme rises. Alternatively, you could consider splitting the mortgage into two parts (some lenders allow this) where one part is fixed and the other tracks. This way you each have a stake in the outcome and no one is left feeling overridden. Even if that's not possible with your lender, the exercise of seeking middle ground may be more valuable than the marginal gain of saving a few hundred pounds. What's really at play here is fear, not just fear of rising interest rates, but fear of being dismissed or not heard in the relationship. You're both trying to protect your future just through different means. So rather than seeking compensation, seek understanding. Ask your wife what she needs to feel secure. Share what you need to feel respected and listened to. And remember, it's often the conversations behind financial choices, not the choices themselves, that shape the long-term health of a relationship. In the end, if you can come to an agreement that reflects both your risk profile and her desire for certainty, you'll not only save yourselves some money – you'll save yourselves a lot of emotional interest too. Good luck, – Sam
Daily Mail
21-05-2025
- Business
- Daily Mail
Martin Lewis issues urgent warning to Brits to make change to their energy bills today to save money
Martin Lewis has warned Brits they should 'fix energy bills today' to save money as there 'could be some global economic changes' to come. The money-saving expert, 53, was speaking on his live money show on ITV on Tuesday evening when he received a question from the audience about the energy price cap. During the episode, Martin revealed that the current price cap is going to come down in July and we will be hearing the announcement on Friday. Despite prices coming down, the financial guru urged the audience to fix their energy bill rate instead of staying on a variable rate. Martin revealed energy prices went up by 10 percent in October, which equates to around £1,700 annually. It rose by a further one percent in January and another 6.4 percent in April, which equates to around £1,800 annually. However the price cap is apparently due to drop in July by six to eight percent, bringing prices back down to where they were in October last year. This means households will be charged £129 less for a typical annual bill from July, according to energy consultants Cornwall Insight. Despite energy prices coming down, Martin revealed the cheapest fixed rate is 18 percent below the current energy price. He warned that people across the UK should secure their energy rates now by switching to a more favourable deal and fixing their rate for the year. He said: 'You might want to sit on the variable but you can save 18 percent instantly by going to a comparison site, your usage and region will depend how much it is, so make sure you are finding the right one for you. 'If these predictions are right, fixing right now will save you massively compared to what is predicted to come, there could be some global economic change which would mean things could change massively.' He claimed that people tend to wait until prices comes down to fix but explained fixes are based on future predicted prices. He added: 'If you fix right now you will be saving 18 percent tody and you will very likely be undercutting whatever the price cap will be for the next year. Short answer, fix.' The price cap limits the cost per unit of energy and is revised every three months by the energy regulator Ofgem. Price falls are not a certainty, however, weather patterns, gas storage rules, the war in Ukraine, and tariffs could all change pricing. It comes after Martin warned Brits about the financial precautions to take before going abroad this summer. He was speaking on the summer special of his live money show on ITV, which was filmed at Aerospace Bristol. Martin revealed his top tricks for cutting the cost and hassle of summer getaways this year, including the 'things to do now to help when you go'. The financial guru revealed the best practices to adopt when it comes to paying for items abroad. When getting out physical cash before going away, Martin advised to go on a UK travel cash comparison website to find out which of the bureaus will give you the best rate. However, he urged viewers to never get cash out at the airport - as this is where you'll get the worst deal. 'Never get it at the airport,' Martin emphasised. And as for getting cash out while actually on holiday, he said only to visit an overseas bureau de change if you know there's a good rate. Martin also addressed the age old debate of whether to pay in pounds or the local currency when paying via card machine while on holiday. After asking the audience for a show of hands, he confirmed that you should always select the local currency option as you 'get hideous rates abroad'. He said: 'If you pay, and you pay in pounds, it's the card machine or the ATM that's doing the conversion and their rates are pants!' Even though card machines will try to get you to pay in pounds, Martin said: 'The reason they're trying to force you and be so aggressive is because it makes them more money, it doesn't save you money.' As well as financial considerations, Martin emphasised the importance of checking your passport is in date before travelling. He also said 1.8 million EHIC cards are due to expire this year and those looking for a new one will now need a GHIC. These cards will give the holder access to health services abroad at the same price as a local. However, he said that these should be used in addition to travel insurance, and not as a replacement. GHIC cards can be obtained for free - though fraudulent websites will often try to flog 'fast-track' deals. Martin said: 'You can renew for free. You must never pay for your EHIC or GHIC card.' Often, finding the best deals for for holidays, especially as a family, will take a bit of effort. The MoneySavingExpert founder said cancelling (if free or cheap) and then rebooking may sometimes mean you can end up with a better-value deal. In addition, knowing your flight compensation rights before you go may help you win back hundreds of pounds if a payout is needed. Delays and cancellations that are the fault of the airline could see you getting money back into your pocket.
Forbes
19-05-2025
- Business
- Forbes
Mortgage News: Choice Grows For Buyers With No Deposit
Find out what's happening with today's mortgage rates and calculate monthly repayments across a range of different rates and deals. 19 May: April Mortgages Launches New 100% Deal With Gradually Reducing Fixed Rate April Mortgages has launched a new mortgage deal for residential home purchase or remortgage that requires no cash deposit or equity in your home, writes Jo Thornhill. To qualify for the 100% loan to value (LTV) ratio deal borrowers must take an initial 10-year or 15-year fixed rate. Fixed rate costs start from 5.99% but reduce over time automatically as the debt is repaid. There is no product fee and, unlike a standard fixed rate mortgage, borrowers are able to make unlimited overpayments and even redeem the loan in full penalty-free. Borrowers must have an annual gross income of at least £24,000 (single or household income) and no adverse credit history to be eligible. Applicants for the deal, which is available through brokers only, will also need to be UK resident and under the age of 70. The property being purchased must be worth at least £75,000 and not a flat or new-build home. James Pagen, a director at April Mortgages, which is owned by a Dutch-based mortgage company, said: 'Saving for a deposit remains one of the biggest barriers to home ownership. We believe the answer lies not in loosening standards, but in designing products that better reflect the realities of today's housing market.' A handful of other lenders offer innovative mortgage deals to help first-time buyers, including Skipton building society's Track Record 100% LTV mortgage, and Yorkshire building society's £5k deposit mortgage. David Hollingworth, associate director at broker L&C Mortgages, said: 'Borrowers should think about the higher potential for negative equity if property prices were to fall. Negative equity (where the mortgage debt is larger than the value of the property) becomes a problem for those that need to sell, crystallising any loss.' But he added: 'The stability of April's long-term fixed rate deals will provide shelter from fluctuating interest rates, which could help borrowers ride out a dip in prices.' Free Mortgage Advice is a 5-star Trustpilot rated online mortgage adviser that can help you find the right mortgage - and do all the hard work with the lender to secure it. *Your home may be repossessed if you do not keep up repayments on your mortgage. Compare Mortgages 14 May: Two-Year Fixes See Sharpest Price Drop In Six Months The cost of fixed rate mortgage deals has continued to tumble after the Bank of England lowered interest rates to 4.25% last week (8 May), writes Jo Thornhill. Smaller banks and building societies are now following the lead of major high street lenders – including Halifax, Santander, Nationwide and HSBC – which have all slashed costs in the last fortnight. Two-year fixed rates have undergone the biggest monthly fall (0.16 percentage points in May) since October last year, according to financial data firm Moneyfacts. It puts the average two-year fixed rate at 4.24% – the lowest recorded since September 2022. Here's more on the latest lender changes. HSBC is making further cuts to its residential and buy-to-let fixed rate mortgage ranges for new and existing customer deals. It cut fixed rates in April and at the start of May and currently offers a two-year fixed rate for residential remortgage at 3.89% with a £999 fee (60% LTV). Its new lower rates will be announced and available from Monday (19 May). Accord Mortgages, the specialist lending arm owned by Yorkshire building society, has cut fixed rate residential deals, available through brokers, by up to 0.24 percentage points. It is offering a two-year fixed rate for residential purchase for borrowers with a 5% deposit (95% loan to value) at 5.18%. The deal has a £495 fee but £300 cashback on completion. TSB has bucked the trend of falling rates by increasing some of its fixed rate deals for residential and BTL borrowing by as much as 0.2 percentage points. The move is likely to be a way of controlling its business volumes. However, some selected deals for residential purchase and remortgage have been reduced in cost. The new rates will be unveiled on TSB's website tomorrow (16 May). Skipton building society has also increased some of its fixed rate deals for residential purchase by up to 0.07 percentage points, while lowering the cost of two and five-year remortgage rates. Its two-year fixed rates for home purchase now start from 4.01% with a £1,495 fee (60% LTV). Virgin Money and Clydesdale Bank, the lending brands now owned by Nationwide building society, have cut selected purchase and remortgage deals, available exclusively through brokers. New rates and deals for each respective lending brand will be published tomorrow (16 May). MPowered Mortgages has made its fourth cut to fixed rates since the start of April, reducing three-year fixed rate deals for new customers. These deals for residential purchase now start from 3.88% with a £999 fee at 60% LTV – or at 4.08% with no fee. Principality building society has cut the cost of selected deals across its range by up to 0.2 percentage points. It has lowered the cost of two-, three- and five-year fixed rates at 65% and 75% loan to value. It has a two-year fixed rate for residential remortgage at 3.86% with a £1,499 (65% LTV). Buckinghamshire building society has reduced the rates on a number of its mortgage deals for borrowers with impaired credit. Its Credit Revive and Credit Restore products have been cut by up to 0.4 percentage points. It has a two-year fixed rate Credit Revive deal at 5.59% with a £999 fee (70% LTV). Foundation Home Loans has made significant cuts across its fixed rate buy-to-let mortgage range of up to 0.55 percentage points. Among the lender's BTL deals, available through brokers, it has two- and five-year fixed rates starting from 4.09% with a 4% fee (65% LTV). Nationwide building society and Rightmove, the online property portal, have launched a new 'property lending checker' which enables homebuyers to find out if a property they're interested in buying would be eligible for mortgage lending. Typically homebuyers don't find out if a property is eligible with their chosen lender until they apply formally for the mortgage – which can waste time and cause disappointment. Nationwide considers various risks, such as a short lease on leasehold property, homes built from non-standard materials, and flood risk. But, via the online property checker, it can give a view on the likelihood of issues being flagged in the mortgage process. Mortgage broker Nick Mendes at John Charcol welcomed the innovation. He said: 'One of the biggest frustrations for buyers is discovering, often after they've found their dream property and submitted an application, that it isn't eligible for a mortgage with that particular lender. 'Integrating lending insights directly into property listings feels like a logical step forward, particularly if it helps speed up the process.' But Mendes adds: 'The key will be in how clearly the risks are communicated. Highlighting a property as high-risk is one thing, but buyers will need to understand what, if anything, they can do about it.' Contacting a mortgage broker in the early stages of a buying process can also help sense-check whether a property is mortgageable. Nationwide building society has also announced a relaxation to its lending criteria, meaning most customers will be able to borrow more. The lender says that, on average, mortgage customers could borrow an additional £28,000 based on a £300,000 loan. Santander and Halifax have also loosened lending criteria in recent months after the Financial Conduct Authority (FCA) permitted lenders to reduce the interest rates used when 'stress-testing' long-term mortgage affordability. Nationwide says its 'stress rates' have been cut across the board, with some first-time buyers now able to borrow up to six-times their income in some circumstances. Free Mortgage Advice is a 5-star Trustpilot rated online mortgage adviser that can help you find the right mortgage - and do all the hard work with the lender to secure it. *Your home may be repossessed if you do not keep up repayments on your mortgage. Compare Mortgages 12 May: Number Of Sub-4% Deals Grows For Deposit-Rich Borrowers Barclays, Santander, TSB and The Mortgage Works have reduced their fixed rate costs following last week's quarter percentage-point cut to the Bank Rate, writes Jo Thornhill. The Bank of England trimmed its benchmark interest rate on 8 May from 4.5% to 4.25%. Barclays has reduced the cost of fixed rate deals for new purchase and remortgage customers by up to 0.19 percentage points, while deals for existing customers – known as product transfer rates – have been cut by up to 0.42 percentage points. The high street bank is offering a two-year fixed rate for remortgage priced at 3.88% with a £999 fee, for borrowers with at least 40% equity in their property (60% loan to value). The five-year equivalent deal is cut to 3.89%. Two-year fixed rates for home purchase now start from 3.87% with an £899 fee (60% LTV). Barclays Premier banking customers can secure the same deal at 3.86%. Among its product transfer deals for existing mortgage customers, Barclays has cut its fee-free one-year fixed rate deal for borrowers with 10% equity in their home (90% LTV) from 6.31% to 5.89%. Santander has cut selected fixed rates by up to 0.2 percentage points. It is offering two- and five-year fixed rates for remortgage from 3.98% (60% LTV) with a £999 fee. TSB has lowered fixed rates across its range by up to 0.2 percentage points. Among its new deals is a fee-free two-year fixed rate for home purchase at 4.84% for borrowers with a 10% cash deposit (90% LTV), which pays £500 cashback on completion. The Mortgage Works, part of Nationwide, which itself reduced rates earlier this week for residential borrowers, has cut the cost of selected buy-to-let (BTL) fixed rates by up 0.3 percentage points. It has a two-year fixed rate for standard BTL remortgage at 3.29% with a 3% fee available up to 75% loan to value. For limited company BTL deals, there is a two-year deal for purchase or remortgage at 4.14% with a 3% fee, also up to 75% LTV. David Hollingworth at broker L&C Mortgages said: 'The lowest two- and five-year fixed rates are now pretty much on par and sit comfortably below 4%, a marked improvement on where rates sat only a matter of weeks ago. 'However, this latest Bank Rate cut was already priced into most fixed mortgage rates. Borrowers holding off in the hope of further rate drops may want to think about how quickly things can change. 'Just as rates have dipped again there's no knowing what may be round the corner. Taking a deal and keeping it under review may be the better option.' Free Mortgage Advice is a 5-star Trustpilot rated online mortgage adviser that can help you find the right mortgage - and do all the hard work with the lender to secure it. *Your home may be repossessed if you do not keep up repayments on your mortgage. Compare Mortgages 7 May: Lenders Expecting Bank Of England Rate Cut Tomorrow Nationwide building society is cutting the cost of a range of its fixed-rate deals and tracker rates by up to 0.3 percentage points, writes Jo Thornhill. The move comes as lenders look ahead to tomorrow's Bank Rate decision by the Bank of England, when a cut of at least a quarter percentage point (0.25) is expected. This would take the influential rate down from 4.50% to 4.25%. Nationwide has cut selected two-, three-, five- and 10-year fixed rates and its two-year tracker rate deals to reduce its lowest fixed rate to 3.84%. This rate is available on two-year and five-year fixed rates for home purchase and home movers (new and existing customers) who have at least a 40% deposit (60% loan to value) and are borrowing £300,000 or more. There is a £1,499 fee. It is offering an equivalent two-year deal for first-time buyers at 3.99% with a £999 fee (60% LTV) and no minimum loan size. Selected two-, three- and 10-year fixed rate remortgage rates have also been lowered. Nationwide is offering a two-year deal at 5.44% (95% LTV) with a £999 fee, and a 10-year fixed rate at 4.49% (75% LTV) with a £999 fee. Leeds building society has reduced selected fixed-rate deals by up to 0.2 percentage points. It is offering a two-year fixed rate for purchase or remortgage at 4.07% with a £1,499 fee (65% LTV), for example, and a no-fee equivalent deal at 4.34%. It has a two-year fixed rate at 4.29% (75% LTV) with a £999 fee. The financial regulator, the Financial Conduct Authority, has launched a consultation into the mortgage industry, focused on ways to improve the remortgage process and make things easier and faster for borrowers. Among suggested policy changes, the FCA is looking for lenders to make it easier for customers to access cheaper loan deals and change the term of their mortgage, to reduce overall costs. The consultation period will close on 4 June. Virgin Money, part of Nationwide, is cutting selected residential purchase deals by up to 0.2 percentage points and selected buy-to-let rates by up to 0.32 percentage points, effective from 8 May. Product transfer rates for existing borrowers are also being cut by up to 0.15 percentage points. The lender is offering a two-year and a five-year fixed rate for residential home purchase, both at 4.19% with a £895 fee, for borrowers with a 20% deposit (80% LTV). MPowered Mortgages has cut its two-, three- and five-year fixed rates deals for residential purchase and remortgage by up to 0.17 percentage points. The lender cut selected three-year fixed rates less than a week ago. Its two-year fixed rates for purchase now start from 3.94%, while equivalent three-year rates start from 3.89% and five-year rates start at 4.04%. All deals have a £999 fee and require at least a 40% cash deposit. Skipton building society has launched a product to help first-time buyers. The Delayed Start Mortgage is available to buyers with at least a 5% cash deposit (95% loan to value), with first-time borrowers not having to make any repayments for the first three months – effectively a payment holiday. Free Mortgage Advice is a 5-star Trustpilot rated online mortgage adviser that can help you find the right mortgage - and do all the hard work with the lender to secure it. *Your home may be repossessed if you do not keep up repayments on your mortgage. Compare Mortgages 2 May: Offers Hit 7x Income On Longer Fixed Rates Mortgage lenders are continuing to reduce the cost of fixed-rate borrowing as the price war intensifies in the run-up to Bank of England's next interest rate decision on 8 May, writes Jo Thornhill. Halifax has cut selected fixed rates for residential purchase and remortgage, including a 0.31 percentage rate cut on its two-year deal for remortgage, which takes the rate down to a market-leading 3.79%. This deal has a £1,999 fee, is only available on mortgages worth more than £250,000, and borrowers must have at least 40% equity in their home (60% loan to value). Among Halifax's other deals is a five-year fixed rate for remortgage at 3.98% with a £999 fee (also 60% LTV) but with no minimum loan size. This represents a cut of 0.3 percentage points on the previous rate. HSBC has cut selected fixed rates for the second time in a week (see stories below). The latest round of cuts includes a reduction to its higher loan to value borrowing, with the lender now offering a fee-free two-year fixed rate for home purchase at 95% LTV priced at 4.99%. Costs of its two- and five-year fixed rates for remortgage have also fallen to start from 3.89% with a £999 fee at 60% LTV. HSBS Premier banking customers can get the same deal at a rate of 3.84%. Santander has also reduced the cost of fixed rates across its range of purchase and remortgage range. It has a two-year fixed rate for homemovers at 3.89% with a £999 fee (60% LTV) and an equivalent five-year deal at 3.92%. It is also offering competitive three-year fixed rates for purchase, including a deal at 85% LTV priced at 4.49%, or at 4.75% for buyers with a 10% deposit (90% LTV). Both deals come with a £999 fee. For remortgage, two-year fixed rates now start from 4.09% with a £999 fee (60% LTV), or from 4.12% for an equivalent five-year fix. NatWest has cut selected fixed rates across its residential range, available through brokers, to offer competitive two- and five-year fixed rates for home purchase at 3.88%. Borrowers need at least a 40% cash deposit (60% LTV) to bag this rate, with both deals having a £1,495 fee. The bank has also relaxed its lending criteria to allow customers to borrow more, and launched its 'Family-Backed mortgage', which is a joint borrower sole proprietor deal (JBSP), which can help younger borrowers onto the property ladder with the help of family members. Barclays has reduced selected fixed rates and has broadened its range of deals at sub-4%. It had been among the first lenders to drop fixed rates below 4%, but initially this had been for its Premier banking customers only. The bank is now offering a two-year fixed rate to all new customers looking to purchase a property at 3.92% with an £899 fee (60% LTV). The equivalent five-year deal for purchase is now at 3.93% with the same fee. Barclays two-year and five-year fixed rates for remortgage now start from 3.96% with a £999 fee (60% LTV). April Mortgages has increased its lending income multiple to seven times income for borrowers with a minimum income (single person or household income) of £50,000 taking a 10 or 15-year fixed rate deal. The maximum LTV is 85%, and there are no early repayment penalties. The standard maximum income multiple offered by most lenders is 4.5. April has relatively high rates compared to market-leading deals. Its 10-year fixed rate deals start at 5.55%, for example, with a £995 fee (60% LTV). Mark Harris, chief executive at mortgage broker SPF Private Clients, said: 'NatWest's launch of a market-leading five-year fix at 3.88%, along with a joint borrower sole proprietor mortgage for the first time and other enhanced affordability measures for all customers, is part of a growing trend among lenders keen to do more business. 'Falling fixed-rate mortgages and reversion rates for borrowers coming to the end of their current deal points to a lower rate environment. The easing of the cost-of-living crisis and [falling] inflation is playing a part, along with the Financial Conduct Authority clarifying its stance on affordability stress rates.' Will Rhind at mortgage broker Habito said: 'Looking ahead, much will depend on what the Bank of England decides on 8 May. It appears lenders are pricing in a Bank Rate cut, hence the recent reductions, so it's more likely that we'll see fixed rates settle around current levels for now, particularly while the broader economic outlook remains uncertain. 'An interest rate cut could provide further room for lenders to trim rates, but I'd be cautious about expecting a sharp drop. Lenders are keen to stay competitive, but they're also mindful of risk and market volatility. 'Overall, while this is positive news for borrowers, I'd advise people not to hold out for significantly lower rates in the short term, especially with affordability and lender criteria still relatively tight.' Elsewhere, TSB, MPowered Mortgages, Gen H, the specialist lender for first-time buyers, and Clydesdale Bank, part of Nationwide building society, have reduced selected residential fixed rate deals for new customers. TSB has cut rates for purchase and remortgage borrowers, as well as deals for existing customers looking to fix after coming to the end of their current deals. It is offering a two-year fix for home purchase at 4.04% with a £995 fee for buyers with a 25% cash deposit (75% LTV). It has a five-year fixed rate for remortgage at 4.39% with a £995 fee (also at 75% LTV). MPowered is offering a three-year fixed rate deal for remortgage at 3.98% with a £999 fee (60% LTV), the fee-free option is at 4.27%, and there is an added perk on both deals of £250 cashback on completion. Gen H has cut selected five-year fixed rates, with deals for purchase now starting at 5.13% with a £1,499 fee (60% LTV). This rate is available for borrowers who use Gen H's legal service as part of its homebuying bundle deal. Bucking the trend of rate cuts, Clydesdale Bank has increased two and five-year buy-to-let fixed rates by up to 0.09 percentage points at 60% and 75% LTV. Free Mortgage Advice is a 5-star Trustpilot rated online mortgage adviser that can help you find the right mortgage - and do all the hard work with the lender to secure it. *Your home may be repossessed if you do not keep up repayments on your mortgage. Compare Mortgages 16 April: Nationwide Offers Market-Leading Fix At 3.89% Lenders across the board have been making cuts to fixed rate mortgage costs this week, with Nationwide producing a new market-leading sub-4% deal, writes Jo Thornhill. Nationwide has cut rates for new and existing customers across its first-time buyer and homemover range by up to 0.25 percentage points. The lender is offering two-and five-year fixed rate deals both priced at 3.89% with a £1,499 fee and 40% deposit. The five-year deal is the best of its kind in the market. However, both mortgages are limited to a loan size of £300,00. The current market leader for a deal with no minimum loan size is from Yorkshire BS which is offering a two-year fixed rate for purchase priced at 3.91% with a £995 fee (60% LTV) – or 3.98% for the equivalent remortgage deal. Nationwide has also cut selected fixed rates for new remortgage customers and existing customers looking to switch to a new deal (product transfer rates) by up to 0.29 percentage points, effective from 25 April. The lender offers both a two-year or a five-year remortgage fixed rate at 3.94% with a £1,499 fee (minimum loan of £300,000) or equivalent deals at 3.99% with a £999 fee for mortgages of less than £300,000. These deals all require at least 40% equity in the property. Product transfer fixed rates also start from 3.94% (60% LTV) with a £999 fee. Halifax also cut selected deals for home purchase and remortgage this week by up to 0.21 percentage points. It is now offering two-year fixed rates priced from 3.94% with a £999 fee for a 40% deposit. Among its other deals is a five-year fixed rate for purchase at 4.10% with a £999 fee (60% LTV) and a two-year deal for purchasers priced at 4.34% with a £999 fee for a 20% deposit. Halifax, the UK's largest mortgage lender, has also cut remortgage fixed rates across a broad range of deals by up to 0.1 percentage points. Two-year remortgage fixed rates now start from 4.10% (60% LTV) with a £1,999 fee or from 4.18% for the equivalent five-year deal. The rate cuts follow similar moves by Santander, Barclays, NatWest and Coventry and Yorkshire building societies, which are offering deals priced at under 4%. What else is happening? Here's a summary of this week's mortgage price movements by lender. HSBC has cut its fixed rates across residential and buy-to-let purchase and remortgage deals for new and existing customers, effective from Monday 28 April. While the new rates and deals won't be unveiled until Monday, the lender has said it will be offering deals at sub 4%, in line with the sub-4% rates it already offers its Premier banking customers. For example, it offers a five-year fixed rate at 3.99% with a £999 fee for Premier banking customers looking to remortgage MPowered Mortgages has cut selected fixed rates by up to 0.12 percentage points, effective from 25 April. Its lowest two-year fixed rate for purchase is now priced at 3.99%. Over three years the rate is 3.92%, while its five-year fix is at 4.09%. All deals are for home buyers with at least 40% deposit (60% LTV) and have a £999 product fee. Fee-free equivalent rates are available starting at 4.24% for a two-year fix and 4.23% for a five-year deal. TSB has cut selected fixed rates for existing residential and buy-to-let borrowers by up to 0.25 percentage points. It follows reductions made by the lender earlier this month to its fixed rate ranges for new customers. Among the new deals is a two-year residential product transfer rate at 3.99% with a £1,495 fee, or at 4.19% with a £995 fee. Gen H, the specialist lender for first-time buyers, has lowered the cost of selected two-year fixed rates, including cutting its 90% loan to value deal by 0.3 percentage points to 5.94% with a £1,499 fee. This deal is available to first-time buyers who take Gen H's homebuyer bundle, which includes legal services. Shorter fixes becoming more competitive Shorter-term deals, such as two- and three-year fixed rates, are increasingly becoming more competitive than the equivalent five-year fixed rates, according to brokers, marking a reversal of the trend seen over the past two and half years. Data from Rightmove shows that the average two-year fixed mortgage rate at 60% LTV is now priced at 4.18% which makes it cheaper than the average five-year fixed equivalent priced at an average 4.19%. David Hollingworth, director at mortgage broker L&C Mortgages, said: 'There's been another flurry of new rates coming through and that has resulted in a clutch of deals at under 4%. 'Markets have shifted their expectations and look to be expecting that further interest rate cuts could come sooner than previously expected, following the turbulence in stock markets. 'Shorter-term deals are also dropping below the rates on five-year deals. Traditionally short-term rates would be expected to be lower but in recent years that has been flipped on its head and five-year rates have for a while been the cheapest. 'With that trend now on the turn borrowers will have to weigh up what works best for them, a shorter term rate or security over the longer term to protect against any volatility along the way.' The next Bank of England Bank Rate decision is on 8 May. Free Mortgage Advice is a 5-star Trustpilot rated online mortgage adviser that can help you find the right mortgage - and do all the hard work with the lender to secure it. *Your home may be repossessed if you do not keep up repayments on your mortgage. Compare Mortgages 15 April: Choice Of Low Deposit Deals At 17-Year High Santander and HSBC are among major lenders cutting fixed mortgage rates as instability in global markets prompts lenders to anticipate further reductions to the Bank of England Bank Rate, writes Jo Thornhill. Santander has announced reductions across its residential purchase and remortgage range, of up to 0.21 percentage points, including new two- and three-year fixed rates at under 4%, effective from 17 April. Selected buy-to-let (BTL) deals have also been cut by up to 0.16 percentage points. The bank's two- and three-year fixed rates for residential home purchase for buyers with at least a 40% cash deposit (60% loan to value) have fallen to 3.97% and 3.99% respectively, both with a £999 fee. Both Barclays and Coventry building society cut rates last week to offer sub-4% fixed rates for home purchase, in an intensification of the current mortgage price war. HSBC has also lowered the cost of its residential and BTL fixed rates for new and existing borrowers. The new rates and deals will be unveiled and available, through brokers, from 16 April. Nick Mendes at broker John Charcol said: 'There is definitely a shift in sentiment. Where we had initially expected two interest rate cuts this year, the market is now pricing-in up to four by the end of 2025, which would take the benchmark Bank Rate to 3.5% [from its current 4.5% assuming a 0.25 percentage point cut each time].' 'Some lenders have moved quickly to offer sub-4% deals, but others may be more cautious, particularly lenders that have recently locked in business at higher rates. There is the issue of pipeline risk, with borrowers trying to switch mid-process to access better deals, which could create operational and financial challenges for lenders.' Mortgage choice for borrowers with a low cash deposit or equity in their home is at its highest in 17 years, according to Moneyfacts. Its data shows there are 442 loan deals for borrowers with a 5% deposit this month compared to 335 deals a year ago (it was 575 in March 2008, the previous high). For borrowers with a 10% deposit or equity, there were 845 deals this month, compared to 774 in April 2024 (and compared to 957 in March 2008, also the previous high for 90% LTV deals). Rate news round-up Co-operative Bank for Intermediaries, owned by Coventry building society, has reduced selected rates for residential and BTL borrowers, both new and existing customers. Two- and three-year fixed rate deals, available through brokers, for new residential borrowers, have been lowered by up to 0.26 percentage points. Product transfer deals for existing customers have been cut by up to 0.18 percentage points. The lender is offering two-year fixed rates for residential purchase from 4.37% (60% LTV) with a £999 fee. The Mortgage Works, the specialist lender owned by Nationwide building society, has cut selected two- and five-year fixed rate deals for buy-to-let borrowers by up to 0.25 percentage points, effective from 17 April. It is offering a two-year deal for BTL purchase or remortgage at 3.14% with a 3% fee (65% LTV). The lender has also launched a range of £750 cashback deals for limited company landlords looking to remortgage. A five-year rate at 75% LTV starts from 4.99% with a 3% fee. Virgin Money, also part of Nationwide building society, has cut selected fixed rates for residential borrowing by up to 0.15 percentage points, and across its BTL range by up to 0.2 percentage points, effective from 17 April. Among the deals, available through brokers, is a two-year fixed rate for residential purchase at 4.33% with an £895 fee, for buyers with a 20% cash deposit (80% LTV). Gen H, the specialist lender focused on the first-time buyer market, has cut fixed rates across its range by up to 0.25 percentage points. It is offering a two-year fixed rate at 5.99% with a £999 fee (85% LTV) for borrowers who take its 'homebuyer bundle', where they use Gen H's conveyancing and legal service. Principality building society has lowered selected residential fixed rates by up to 0.22 percentage points, but it has increased the cost of deals for shared ownership and new build mortgages by up to 0.66 percentage points. The mutual lender's five-year fixed rates have seen the biggest reductions. It is now offering a fee-free five-year fixed rate deal for residential remortgage at 4.35% (65% LTV). West Brom building society has cut selected two-year residential fixed rates by up to 0.31 percentage points. Its two-year remortgage fixed rates, for borrowers with at least 20% equity in their home (80% LTV) drop by 0.3 percentage points to 4.39%, while the equivalent purchase deal has fallen by 0.31 percentage points to 4.29%. Both deals have a £999 fee. Newcastle building society has reduced selected residential fixed rates for borrowers requiring a large mortgage (£1.5 million or more) by up to 0.26 percentage points. It has a two-year fixed rate in this sector at 4.9% with a £1,999 fee (65% LTV). Melton building society has cut a range of its residential fixed rates by up to 0.29 percentage points, including many of its high loan-to-value rates. Among the new rates the mutual lender has a 5.25% five-year fixed rate deal for residential buyers with a 5% cash deposit (95% LTV). It has a £199 application fee but no other product fees. Atom Bank, the digital bank, has cut fixed rates, available through brokers, across its residential range by up to 0.2 percentage points. There are two- and three-year fixed rates, both at 4.99% with a product fee (the fee is variable based on the size of the loan and the specific deal). Precise Mortgages, the specialist lender for landlords with investment properties, has cut selected fixed-rate deals by up to a full percentage point (1%). It has deals starting from 3.59% for a two-year fixed rate with a 5% fee (65% LTV). Lloyds, the biggest mortgage lender with brands including Halifax, BM Solutions and Bank of Scotland, has relaxed its lending policy to enable customers to borrow more. The bank has said the change could see its typical customers borrow up to 13% more (£38,000 in real terms), based on a household income of £75,000. Santander similarly relaxed its 'stress test' for borrowers last month, enabling customers to borrow in the region of £10,000 to £35,000 more on a mortgage, on average. It comes after the regulator the Financial Conduct Authority (FCA) said last month that since interest rates had fallen, the stress tests (or higher interest rates) used by many mortgage providers when making lending decisions were too restrictive and could be preventing access to 'otherwise affordable mortgages'. The FCA will next month launch a consultation looking at ways to simplify the remortgage process. Free Mortgage Advice is a 5-star Trustpilot rated online mortgage adviser that can help you find the right mortgage - and do all the hard work with the lender to secure it. *Your home may be repossessed if you do not keep up repayments on your mortgage. Compare Mortgages 10 April: Barclays And Coventry Offering Sub-4% Deals A growing number of lenders, including Barclays, TSB and Coventry building society, are reducing the cost of fixed-rate mortgages, resulting in the return of deals priced below 4%, writes Jo Thornhill. The fixed-rate reductions are in response to market predictions that the Bank of England will cut the benchmark Bank Rate when its rate-setting Monetary Policy Committee (MPC) next meets on 8 May. President Trump's recent trade tariff announcements have triggered stock market turmoil around the world. And, although some stability has returned – helped by a 90-day pause by the US on the introduction of many tariffs – so-called 'swap' rates, which banks use to lend to each other, have nudged downwards. This has resulted in lenders producing cheaper fixed-rate mortgages for both purchase and remortgage. Here's a round-up of the latest movements. Barclays has cut selected fixed rates by up to 0.38 percentage points. It includes reductions to its standard two and five-year fixed rates for purchase, which have both fallen (from 4.11% and 4.12% respectively) to 3.99%. Both deals charge a £899 fee and require a minimum 40% cash deposit. Coventry building society has lowered a range of deals for new and existing customers with residential rates cut by up to 0.25 percentage points and buy-to-let deals cut by up to 0.2 percentage points. The mutual lender is offering a two-year deal for residential purchase at 3.99% with a £999 fee for borrowers with at least a 35% cash deposit. TSB has lowered the cost of selected two-year fixed-rate deals for new and existing customers (product transfer deals) by up to 0.25 percentage points. It is offering a two-year fixed rate for remortgage at 4.19% with a £1,495 fee (60% LTV). It has a two-year fixed rate first-time buyer deal at 4.34% with a £995 fee at 75% LTV. MPowered Mortgages has cut selected fixed rates by up to 0.21 percentage points. Two-year fixed rates now start from 4.05% with a £999 fee (60% LTV), while equivalent three- and five-year rates start from 4.04% and 4.14% respectively. Gen H, the specialist lender that offers deposit boost and other innovative mortgage loans to help first-time buyers, has reduced selected deals (up to 80% loan to value) by up to 0.2 percentage points, including deals under its New Build Boost scheme. LendInvest has reduced its five- and seven-year BTL fixed rate deals by up to 0.2 percentage points. It is offering a five-year standard BTL deal at 4.69% with a 7% fee at 75% LTV. Molo, the specialist buy-to-let lender, has cut fixed rates by up to 0.1 percentage points. It is offering a two-year fixed rate for BTL remortgage at 5.03% with a 2.5% fee at 75% LTV. In contrast to the majority of lenders, Clydesdale Bank, owned by Nationwide building society, has increased selected two- and five-year fixed rates this week by up to 0.15 percentage points, while reducing a handful of broker-exclusive rates and product transfer deals for existing customers. Nick Mendes at broker John Charcol said: 'Since President Trump's so-called 'liberation day' announcement [on 2 April], there has been a sharp change in market sentiment. 'Just over a week ago, markets were expecting two further Bank of England rate cuts this year. Now, they are pricing in four. If that plays out, the Bank Rate would fall from 4.5% now, to 3.5% by the end of the year – a significant shift driven by fears that a prolonged trade war could slow global growth.' Free Mortgage Advice is a 5-star Trustpilot rated online mortgage adviser that can help you find the right mortgage - and do all the hard work with the lender to secure it. *Your home may be repossessed if you do not keep up repayments on your mortgage. Compare Mortgages 3 April: High Street Lenders Cut Costs Across Range Of Deals Growing numbers of lenders are reviewing their fixed rate deals as markets react to the trade tariffs announced by US President Donald Trump. Gilt prices and swap rates have edged down prompting a number of banks and building societies to cut fixed mortgage rates, including Santander and TSB, as well as mutual lenders Coventry and Skipton (building societies). Brokers expect more fixed rate cuts next week as the market adjusts. However some lenders, including Halifax, Barclays and NatWest, have taken the opportunity to increase selected fixed rates, most likely to control business volumes and service levels (full round-up of mortgage rate changes below). Mortgage market expert Ray Boulger at broker John Charcol believes the trade tariff turmoil could lead to lower mortgage rates. He said: 'While a trade tariff war can only be bad for the world economy there are some trade-offs for the UK. Gilt yields have fallen and are nearly 25 basis points lower following the tariff announcement. 'It appears there will be little, if any, retaliation to the tariffs from the UK and so, unlike in the US, upward inflationary effects should be very limited. On the other hand, more competition from suppliers less able to export to the US, lower oil and freight costs plus a stronger sterling against the dollar should all help to lower inflation here. 'A better outlook for inflation and a more challenging economic situation means that a cut in Bank Rate on 8th May now looks almost certain, and equally important the outlook is for an acceleration of future cuts. Many lenders are likely to cut mortgage rates next week and we can look forward more optimistically now to further falls over the course of the year.' What's happening to fixed rates? Santander has cut selected two and five-year fixed rates for new and existing customers by up to 0.1 percentage points. The bank's two-year fixed rate purchase deals at 85% LTV up to 95% LTV will be reduced by up to 0.08%, while some two-year fixed remortgage rates at 60% LTV up to 75% LTV will be lowered by up to 0.07 percentage points. Five-year fixed rate remortgage deals at 75% LTV are cut by up to 0.1%. TSB has lowered the cost of selected purchase two, three and five-year fixed rates by up to 0.15 percentage points. The cuts apply across deals, including first-time buyer rates, from 75% LTV up to 95% LTV. The bank is offering a fee-free two-year purchase deal at 4.89%, for example, and a three-year purchase deal at 5.04% with a £495 fee (85% LTV). Coventry building society has reduced all two and three-year fixed rate residential deals for new and existing customers. It has a fee-free two-year fixed rate for purchase at 5.12% (90% LTV). The lender has also cut rates on selected five-year buy-to-let fixed rates for remortgage. Skipton building society has also cut the cost of fixed rate deals across its range by up to 0.32 percentage points. Its two-year fixed rate for remortgage borrowers with 10% equity in their home (90% LTV) is cut from 5.35% to 5.06% with a £495 fee. The mutual is also offering a fee-free two-year purchase fixed rate at 5.68% (95% LTV) with £1,000 paid in cashback on completion. Halifax for Intermediaries, which offers deals exclusively through brokers, has cut the cost of some fixed- rate remortgage deals by up to 0.16 percentage points, while other deals have increased by up to 0.14 percentage points. The same changes also apply to its product transfer range for existing customers. The lender is now offering a two-year fixed rate deal for remortgage priced at 4.36% (60% LTV) with a £999 fee, and a five-year equivalent deal at 4.28%. Halifax also offers a range of 18-month fixed rate deals for remortgage, starting at 4.11% with a £1,499 fee. NatWest has increased selected deals for new borrowers by up to 0.14 percentage points across residential and buy-to-let deals. Its five-year fixed rate for residential purchase (75% LTV) is now at 4.58%. Barclays has increased selected purchase and remortgage deals by up to 0.12 percentage points. Affected deals include its Barclays Premier five-year fixed rate for homebuyers which has been hiked from a competitive 3.99% up to 4.11%. The deal, which is available exclusively to Premier banking customers with a 40% cash deposit, charges a £899 product fee. For other customers, Barclays is now offering a two-year fixed rate for purchase at 4.8% with an £899 (90% LTV) and a five-year deal at 4.12% with the same fee at 60% LTV. For remortgagers, the bank is offering a five-year fixed rate at 4.97% with a £999 fee, available to borrowers with at least 15% equity in their home (85% LTV). Virgin Money, owned by Nationwide building society, has increased selected five-year fixed rates for purchase and remortgage by up to 0.14 percentage points. Selected five-year product transfer fixed rates have been increased by up to 0.1 percentage points. The lender is offering a five-year fix for remortgage at 4.35% with a £995 fee (75% LTV) or a fee-free option at 4.47%. These deals have both increased by 0.08 percentage points. Buy-to-let borrowing surged at the end of 2024, according to the latest data from banking trade body UK Finance. Its figures show 52,648 BTL loans (a total of £9.6 billion) were advanced between October and the end of December (Q4) last year – a rise of 39.2% on the same period in 2023. Average BTL investment yield (rental income relative to the property's value) has risen to 7% (Q4 2024) compared to 6.7% for Q4 2023. Free Mortgage Advice is a 5-star Trustpilot rated online mortgage adviser that can help you find the right mortgage - and do all the hard work with the lender to secure it. *Your home may be repossessed if you do not keep up repayments on your mortgage. Compare Mortgages March 27: Santander, NatWest And TSB Among Lenders To Announce Changes Lenders are repositioning their fixed rate offerings as the Bank of England kept interest rates on hold at 4.5% last week (20 March), writes Jo Thornhill. Santander cut selected purchase fixed rates by up to 0.15 percentage points effective from tomorrow (28 March). But some five-year purchase and remortgage fixed rates, for borrowers with between a 10% and 40% deposit will be increased by up to 0.09 percentage points. Selected buy-to-let (BTL) fixed rates for new and existing borrowers will also be reduced by up to 0.1 percentage point. The bank's new rates and deals for residential and BTL borrowing will be unveiled tomorrow. NatWest has made reductions of up to 0.1 percentage points across its purchase and remortgage deals for new customers, but selected five-year fixed rate deals have increased by up to 0.03 percentage points. Among the deals which have seen a cut are a fee-free two-year fixed rate for buyers with a 5% cash deposit (95% LTV) at 5.13%, and a five-year purchase rate for those with a 15% deposit (85% LTV) at 4.42% with a £995 fee plus £250 cashback paid on completion. HSBC has launched a range of buy-to-let deals for its Premier banking customers. The two- and five-year fixed rate deals are available to those buying or remortgaging at between 60% loan to value (LTV) and 80% LTV. The lender is offering a two-year Premier fixed rate for BTL purchase at 4.29% with a £1,999 fee (60% LTV), or an equivalent five-year deal at 4.24%. To be eligible for an HSBC Premier account you must have either an annual income of £100,000 or more (paid into the account) or £100,000 or more in savings or investments with the bank. HSBC has also reduced the amount of cashback paid on completion of a range of its residential mortgage deals, including first-time buyer, home mover and remortgage deals. TSB has cut selected two and five-year fixed rate BTL deals for new and existing customers by up to 0.2 percentage points (effective from tomorrow, 28 March). Virgin Money, the brand owned by Nationwide building society, is making cuts of up to 0.15 percentage points across selected purchase and remortgage deals, as well as reducing the cost on a number of BTL deals in its range. Product transfer deals for existing residential borrowers have also been cut by up to 0.12 percentage points. The lender's two-year fixed rates for residential purchase now start at 4.37%, while five-year deals start at 4.24% (65% LTV). Clydesdale Bank, also owned by Nationwide building society, has tweaked down the cost of borrowing on selected two-year residential purchase fixed rates, available through brokers, by 0.05 percentage points. Its two- and five-year fixed rates for professionals (such as doctors and dentists) have been cut by up to 0.37 percentage points (65% LTV up to 80% LTV), while deals at 90% LTV for newly qualified professionals have been cut by 0.03 percentage points. Principality building society has cut selected fixed rates by up to 0.35 percentage points, while increasing other deals by up to 0.12 percentage points. The mutual lender is offering a two-year fixed rate for remortgage at 4.25% with a £1,499 fee (65% LTV). It has a two-year fixed rate, also for remortgage, at 5.11% with an £895 fee (85% LTV). Family building society has made a range of changes to its mortgage deals, including reducing some fixed rates by up to 0.1 percentage points while increasing the cost of others by up to 0.15 percentage points. It has also cut selected two-year BTL deals by up to 0.1 percentage points. It is offering a two-year fixed rate for purchase at 5.14% with a £999 fee. The mutual lender has also increased the amount it will lend on a joint borrower sole proprietor basis up to £1 million. Marsden building society has launched a five-year fixed rate deal for home buyers and remortgage customers who have a 5% cash deposit or equity in their home (95% LTV) at 4.99%. The deal has no product fee. United Trust Bank, the specialist lender, has cut selected BTL deals by up to 1.76 percentage points. Its two-year fixed rates for standard buy-to-let now start from 5.69%, and equivalent five-year deals start from 4.99%. For holiday let purchase two-year rates start from 5.89% and five-year deals now start from 5.94%. These deals all have a 5% fee and require a 35% deposit or equity. Accord, the lending brand owned by Yorkshire building society, has launched a range of first-time buyer deals paying cashback of up to £6,250, to combat the increase in stamp duty many borrowers will face from 1 April. The nil rate band for stamp duty is set to fall from £425,000 to £300,000 for first-time buyers, when buying a property up to £500,000. The Accord deals, available through brokers, are fee-free five-year fixed rates, which start from 5.19% (for buyers with a 10% deposit). Deals are available up to 95% LTV, or up to 90% LTV for new builds. Cashback of £2,500 is paid on property purchase up to £300,000, and then tiered up to a maximum of £6,250 on property purchase of £500,000. David Hollingworth at mortgage broker L&C Mortgages said: 'Lenders remain highly competitive and continue to make small adjustments to improve rates wherever they can. 'That trend looks likely to continue so it's unlikely to result in any major drops in rates. But mortgage rates should remain relatively stable in the near term.' Free Mortgage Advice is a 5-star Trustpilot rated online mortgage adviser that can help you find the right mortgage - and do all the hard work with the lender to secure it. *Your home may be repossessed if you do not keep up repayments on your mortgage. Compare Mortgages March 19: Market Expects Bank Of England To Hold At 4.5% NatWest Bank is cutting selected purchase and remortgage fixed-rate deals by up to 0.24 percentage points, while Halifax is trimming selected two and three-year fixed rates for home purchase but increased equivalent five-year deals, writes Jo Thornhill. Other lenders have made similar adjustments to their fixed-rate offers ahead of tomorrow's decision on interest rates by the Bank of England (due at 12 noon on 20 March). Among its new deals, NatWest is offering a fee-free purchase rate at 4.8% for borrowers with a 10% cash deposit (90% loan to value). There is £250 cashback on completion. It is also offering a fee-free two-year fixed rate for remortgage at 4.72% (75% LTV), which also pays £250 cashback. Halifax is cutting selected two and three-year fixed rates by up to 0.15 percentage points, but it has increased selected five-year fixed rates by up to 0.11 percentage points. The new rates and deals will be live from tomorrow (20 March). Nationwide building society has lowered the cost of selected fixed rate deals by up to 0.26 percentage points for borrowers with a smaller deposit or equity in their home (effective from 21 March). The rate reductions apply on two, three and five-year fixed rates for purchase and remortgage between 80% and 95% loan to value. The new deals include many rates priced under 5% even for those with the smallest cash deposits. For example, the mutual lender is offering a five-year fixed rate for homebuyers with a 5% deposit (95% LTV) at 4.99% with a £999 fee. The same deal at 90% LTV is now 4.57%. The two-year purchase fixed rate for borrowers with a 10% deposit (90% LTV) has also dropped to 4.99%, but this deal is fee-free. Virgin Money, owned by Nationwide building society, has cut a range of residential and buy-to-let deals, available through brokers, for new and existing customers, including its shared ownership new build products. It is offering a five-year fixed rate for purchase for borrowers with a 20% deposit (80% LTV) at 4.31% and has a product transfer deal (for existing customers wanting a new deal) at 4.04% (65% LTV) with a £1,995 fee. Clydesdale Bank, also owned by Nationwide, has lowered selected residential deals, available through brokers, by up to 0.35 percentage points. It is offering a two-year fixed rate for remortgage at 4.42% with a £1,499 fee for borrowers with 25% equity in their property. Gen H, the specialist lender targeting first-time buyers, has launched a new product to help get more borrowers onto the property ladder. Its New Build Boost mortgage is available to those buying a new build home through the housebuilder Persimmon Homes (120 different sites across England), and who have a 5% cash deposit. Gen H will lend a mortgage on an 80% loan to value basis, lending an interest-free equity loan for the difference up to 95% LTV. The five-year fixed rate deal, priced at 6.49%, has a £999 fee. Accord, the buy-to-let lender owned by Yorkshire building society, has cut selected fixed-rate and tracker deals across its landlord range by up to 0.15 percentage points. It is offering a three-year fixed rate at 4.59% for BTL purchase or remortgage (65% LTV) with a £995 fee and £250 cashback. Its two-year fixed rate for remortgage is now 4.54% with a £1,995 fee (75% LTV). Laith Khalaf at AJ Bell said the prospects for interest rates remain uncertain: 'Markets are pricing-in little chance of a rate cut at the next Bank of England meeting, though two more rate cuts are currently expected by the end of the year. 'However, there are substantial risks to this outlook. The latest inflation reading for January came in hot and the macro-economic situation is volatile as Donald Trump's trade policies threaten to unleash a global trade war, which could damage growth and push up inflation. 'The Spring Statement in the UK may also contain some tax and spending decisions which influence the interest rate committee one way or another. In April we will see the chancellor's national insurance and minimum wage hikes come into effect which could also serve to increase prices for consumers, thereby making the Bank of England wary of cutting rates. 'At the last vote, two members wanted to cut rates to 4.25%, which shows some willingness to stimulate the economy in the face of rising inflation. While we may not get a change in interest rates at this forthcoming meeting, the commentary and voting record will still be instructive as to the mood enveloping Threadneedle Street.' Free Mortgage Advice is a 5-star Trustpilot rated online mortgage adviser that can help you find the right mortgage - and do all the hard work with the lender to secure it. *Your home may be repossessed if you do not keep up repayments on your mortgage. Compare Mortgages 13 March: Market Prepares For Bank Rate Decision Next Week Major lenders including HSBC, Barclays, Santander and TSB have reduced the cost of fixed-rate borrowing ahead of next week's interest rate decision from the Bank of England, writes Jo Thornhill. HSBC has cut selected deals for purchase and remortgage by up to 0.2 percentage points, while Barclays has reduced the cost of deals for larger mortgages (£2 million or more) by up to 0.25 percentage points from 14 March, and also lowered rates across its product transfer range for existing borrowers by up to 0.14 percentage points. Santander has cut rates for new and existing residential and buy-to-let customers by up to 0.25 percentage points, while TSB has cut selected fixed rates for new and existing customers by up to 0.15 percentage points (both reductions effective 14 March). At the same time, TSB has increased selected five-year fixes on deals up to 75% loan to value by 0.05 percentage points. The Bank of England's monetary policy committee (MPC), which meets 10 times a year to decide the level of the benchmark Bank Rate, will meet on Thursday 20 March. It voted to cut the Bank Rate, which influences mortgage and other loan rates, from 4.75% to 4.5% in February. But market-watchers expect it remain on hold next week in response to the rise in inflation to 3% in January, up from 2.5% in December 2024. The inflation figures for February are expected on 25 March. Nick Mendes at broker John Charcol says the latest round of cuts reflects growing competition, with lenders looking to retain existing customers, rather than an expectation that Bank Rate will fall: 'With an estimated 1.8 million people coming off low pandemic-period fixed rates and lenders aiming to retain existing clients and secure new ones, this has led to several high street lenders repricing downwards across the loan to value (LTV) brackets.' HSBC is now offering a two-year fixed rate for home purchase at 4.12% with a £999 fee. The five-year equivalent drops to 4.07%, also with a £999 fee (both deals require a 40% cash deposit). Rates have also been cut at higher LTV ratios. For buyers with a 10% deposit (90% LTV), HSBC's rate is now at 4.85% with a £999 fee, or 4.61% over five years with the same fee. Barclays has a two-year fixed rate for purchase or remortgage at 4.21% for loans of £2 million or more, while five-year equivalent deals start from 4.28% (both deals at 60% LTV). Santander and TSB will unveil their respective new rates and deals tomorrow (14 March). HSBC, Barclays and Santander are among a small number of lenders offering fixed rates at under 4% (see story below), although these rates generally come with conditions or high fees. For example, HSBC Premier customers, who must have annual income or savings of at least £100,000, can get a rate of 3.98% on a five-year fix with a £999 fee. Round-up: What else is happening? The Mortgage Works, the buy-to-let lender owned by Nationwide building society, has cut selected fixed rate deals for landlords by up to 0.3 percentage points, effective from 15 March. It has a two-year fixed rate deal for purchase or remortgage at 3.24% with a 3% fee for borrowers 35% equity or more in their BTL property. Aldermore, the specialist lender for borrowers with lower credit scores, has cut rates by up to 0.7 percentage points across its higher LTV range for both new and existing residential borrowers. It is offering a two-year fixed rate for new customers with a 5% deposit (95% LTV) at 6.54% with a £999 fee. Equivalent five-year rates at 95% LTV have been cut by 0.7 percentage points from 6.69% to 5.99%. For existing customers, the lender is offering deals at 80% LTV from 6.19%, also with a £999 fee. Nottingham building society has launched two five-year fixed-rate mortgage deals, available through brokers, which pay £2,500 or £5,000 cashback on completion. The lender says the fee-free deals are aimed at homebuyers who will be hit with higher stamp duty costs from 1 April, when the nil rate band thresholds will be lowered. For buyers with a 25% cash deposit (75% LTV), the rate on offer is 5.28% with £2,500 cashback, while the other deal for those with a 10% deposit (90% LTV) has a rate of 6.15% and pays £5,000 cashback. Free Mortgage Advice is a 5-star Trustpilot rated online mortgage adviser that can help you find the right mortgage - and do all the hard work with the lender to secure it. *Your home may be repossessed if you do not keep up repayments on your mortgage. Compare Mortgages 5 March: Cheapest Fixes On The Market Come With Restrictions Or High Fees Barclays has slashed the cost of selected fixed rate mortgages by up to 0.48 percentage points. The latest move brings the lender's lowest rate for purchase down to a market-leading 3.96%, writes Jo Thornhill. However, the 'Green Home' mortgage deal is restricted to purchases of energy-efficient new-build homes bought directly from the builder or developer. It also requires a deposit of at least 40% and charges a £899 product fee. In comparison, Barclays' equivalent five-year fixed rate for general purchase – with the same deposit and fee – has been pegged down to 4.06% from 4.09%. The lender's deepest reduction applies to its fee-free two-year fixed rate purchase deal at 90% loan to value (LTV) which has been cut from to 4.93% from 5.41%. Barclays has also increased its maximum loan amounts for buyers with only a 10% deposit. For houses, loans of up to £640,000 are available compared to the previous limit of £570,000. On the purchase of flats the maximum loan has been lifted to £310,000 from £275,000. Five major lenders – Barclays, HSBC, Lloyds, Santander and Nationwide building society – now offer deals for new customers priced under 4%. But these deals come with either strict eligibility criteria or high fees. With the HSBC and Lloyds deals for example, borrowers need to be Premier banking customers or have a packaged bank account with the lender. And while Santander is offering two- and five-year fixed rates for purchase and remortgage at under 4%, the fees are £1,999 for purchases and £1,749 for remortgages. David Hollingworth, associate director at mortgage broker L&C Mortgages, said: 'It is good news to see some rates edging below the 4% mark. Lenders are competing hard and taking any opportunity to pass on improved funding costs but these are often small tweaks and it doesn't look to be signalling a collapse in rates.' What else is happening? Here's a round up of cuts made by other lenders also effective from today (5 March). Halifax has cut rates by up to 0.14 percentage points on selected two-year fixed rates for buyers with small deposits of 5% or 10%. Among the new deals is a two-year fix priced at 4.87% with a £999 fee available up to 90% loan to value. The lender, the UK's largest, has also announced fixed rate cuts of up to 0.25 percentage points for remortgagers, and up to 0.31 percentage points for existing customers, both effective from tomorrow (7 March). NatWest has increased the cost of selected fixed-rate residential deals, while reducing the cost of others (from 6 March). Among the rate cuts is a two-year fee-free deal for home purchase, which falls from 4.46% to 4.41% (60% LTV). A small number of deals are rising by up to 0.08 percentage points, including a five-year fix for purchase for those with a 10% deposit (90% LTV), which goes up from 4.67% to 4.74%. It has a £995 fee. TSB has cut selected fixed rate deals for new and existing customers by up to 0.1 percentage points. Among its lowest rates is a 3.99% two-year fixed rate deal for existing customers looking for a new deal with the lender. Customers must have at least a 40% deposit and pay a £1,495 product fee. Clydesdale Bank, a lending brand owned by Nationwide building society, has cut selected two and five-year fixed rates by up to 0.12 percentage points, and selected buy-to-let rates by up to 0.21 percentage points. MPowered Mortgages has cut its two and three-year fixed rate deals for home purchase. Two-year deals now start from 4.29%, while the three-year rates start from 4.12%, these rates apply to 60% LTV borrowing and come with a £999 fee. Skipton building society has cut the rate on its 100% loan to value Track Record mortgage for first-time buyers. The rate on the fee-free five-year deal has been lowered from 5.52% to 5.49%. Find out more about this deal on our first-time buyer hub page. Virgin Money, the lending brand owned by Nationwide building society, has reduced selected fixed rate deals for residential and buy-to-let borrowers, effective 6 March. Among the cuts, the lender has cut the cost of its 10-year fixed rate deals by 0.68 percentage points with rates now starting from 4.89%. Gen H has slashed fixed rates across its range by up to 0.14 percentage points for new customers and up to 0.3 percentage points for existing customers looking for a product transfer deal. The specialist lender, which offers innovative deals to first-time buyers, including buying with friends or with a parental guarantee, is offering a five-year fixed rate at 5.36% with a £999 fee in exchange for a 20% deposit. Buyers will be required to use Gen H's legal services to qualify for the deal. Mortgage approvals Net mortgage borrowing jumped by £900 million in January 2025, to £4.2 billion, according to the Bank of England Money and Credit report, published on Monday (3 March). Approvals for remortgage rose by 2,200 to 32,900, the number having fallen for the previous two months. Approvals for home purchase edged down by 300 in January however to a total of 66,200, compared to a rise of 400 in December 2024. The next Bank of England decision on interest rates is scheduled for Thursday 20 March. Free Mortgage Advice is a 5-star Trustpilot rated online mortgage adviser that can help you find the right mortgage - and do all the hard work with the lender to secure it. *Your home may be repossessed if you do not keep up repayments on your mortgage. Compare Mortgages 28 February: Mortgage Costs Edge Down As Swap Rates Fall Nationwide building society has cut the cost of fixed rate deals by up to 0.25 percentage points from today, resulting in a five-year fix priced at 3.99%, writes Jo Thornhill. It means the lender is now one of five offering deals under the all-important 4% mark, joining the ranks of HSBC, First Direct, Barclays and Santander. TSB, Virgin Money and The Mortgage Works – both lending brands owned by Nationwide – Coventry building society, and Principality building society have also all cut rates from today. They follow a string of price reductions seen in the mortgage market over the past week in the wake of falling swap rates on which fixed rate deals are priced. Other lenders to have announced cuts earlier this month include Halifax and NatWest. Mortgage broker Nick Mendes, said: 'Fixed-rate mortgages are continuing to edge lower, mainly due to a notable drop in swap rates, particularly on two- and five-year terms. These have now fallen and remain stable at below 4%, marking a significant shift from last month.' Here's more detail on this week's latest movements in the mortgage market: Nationwide is offering a five-year fixed rate for existing customers looking to switch at 3.99% with a £999 fee. Borrowers require at least 40% equity in their property to be eligible (60% loan to value). The same deal for new remortgage customers carries a higher £1,499 fee. Costs of equivalent two-year fixed rates have fallen to 4.09% with a £999 fee for existing customers, or a £1,499 fee for remortgagers. Both deals are available up to a 60% LTV. Nationwide has also cut the cost of first-time buyer and homemover deals. It is offering a five-year rate of 4.74% for first-time buyers with a 10% deposit (90% LTV) with a fee of £999. The lender's five-year fix for new customers moving home with at least a 15% deposit is now priced at 4.39% with a £999 fee. Virgin Money has cut the cost of selected residential fixed rate mortgage deals for home purchase by up to 0.1 percentage point. It is the lender's second rate reduction in two weeks after it nudged down purchase rates by up to 0.07 percentage points on 18 February. The lender is offering a two-year fixed rate for purchase for borrowers with at least a 10% deposit at 4.88% with a £995 fee (90% LTV), and a fee-free five-year fixed rate for purchase at 5.18% for borrowers with a 5% deposit (95% LTV). Virgin has also cut selected one, two, three, and five-year fixed rates by up to 0.11 percentage points for existing residential customers with a 25% deposit looking to transfer their deal. Costs over five-years start from 4.12% up to 65% LTV. It has also cut selected buy-to-let fixed rates for purchase and remortgage by up to 0.1 percentage point. TSB has cut selected fixed rates for buyers and remortgagers by up to 0.15 percentage points, and buy-to-let fixed rates by up to 0.1 percentage points. The bank's two-year fixed rate for purchasers with a 10% deposit is now priced at 5.54%, with no fee. Coventry building society has lowered selected residential and BTL deals across its range. Among the new rates is a two-year residential fixed rate at 4.38% with a £999 fee (75% LTV). Principality building society has cut rates on selected fixed rates over two, three and five-years, as well as reducing rates across its cashback deals. It is offering a market-leading two year fixed rate for purchase and remortgage at 75% loan to value at 4.29% with a £1,499 fee. The Mortgage Works, the specialist lending arm of Nationwide building society, has cut product transfer rates for existing buy-to-let customers by up to 0.35 percentage points. It is offering a two-year standard BTL fixed rate at 3.59% with a 3% fee (available up to 65% LTV) and an equivalent deal with no fee at 4.89%. The five-year fixed rate for standard BTL borrowing is now priced at 3.94% with a 3% fee (also 65% LTV). The number of buy-to-let mortgage products has hit a record high, according to financial data company Moneyfacts. The total number of deals available, including fixed and variable rates, is now at 3,560. This is the largest number since Moneyfacts began recording buy-to-let data in 2011. Free Mortgage Advice is a 5-star Trustpilot rated online mortgage adviser that can help you find the right mortgage - and do all the hard work with the lender to secure it. *Your home may be repossessed if you do not keep up repayments on your mortgage. Compare Mortgages 7 January: Biggest Reductions Apply To Low-Deposit Deals First Direct has cut rates on more than 100 deals across its new business range by up to 0.3 percentage points, writes Jo Thornhill. It follows cuts by Halifax and Leeds building society late last week (see stories below). The direct-only lender, who doesn't offer deals through mortgage brokers, said its biggest reductions applied to its two-year fixed rate remortgage deal for borrowers with at least 15% equity in their home (85% loan to value). The rate on this deal was cut to 5.04% from 5.34%. It comes with a £490 product fee. First Direct's lowest mortgage rate is a five-year fixed rate deal for home purchase priced at 4.13% with a £490 fee. It is available for those with at least a 40% cash deposit (60% LTV). Existing First Direct customers can secure the same deal at 4.10%. For borrowers with a smaller deposit First Direct is offering a five-year home purchase rate of 4.74% (at 90% LTV), also with a £490 fee. However, in contrast to other lenders cutting rates, Virgin Money has withdrawn selected deals and nudged up the rate on its five-year fixed rate for purchase for borrowers with a 15% deposit (85% LTV) from 4.43% to 4.46%. Broker Nick Mendes at John Charcol said: 'First Direct's decision to reduce mortgage rates is a welcome move for borrowers. It reflects the competitive nature of the market and offers potential savings for first-time buyers, home movers, and those looking to remortgage. 'The substantial reductions in higher-LTV mortgages, such as the 5-Year Fixed Standard at 90% LTV, now priced at 4.74%, will be particularly beneficial for first-time buyers with smaller deposits.' Free Mortgage Advice is a 5-star Trustpilot rated online mortgage adviser that can help you find the right mortgage - and do all the hard work with the lender to secure it. *Your home may be repossessed if you do not keep up repayments on your mortgage. Compare Mortgages 3 January: Move Follows Leeds' Decision To Trim Borrowing Costs Halifax, the UK's largest mortgage lender, has adopted a bullish start to 2025 by reducing the cost of selected remortgage deals by up to 0.35 percentage points, writes Jo Thornhill. It follows cuts to fixed-rate deals for new and existing customers of up to 0.21 percentage points by Leeds building society. Halifax has cut the cost of its 18-month and three-year fixed rates for remortgage. The 18-month deal, launched in November 2024, is reduced from 4.37% to 4.22% (at 60% loan to value) and from 4.62% to 4.39% (at 75% LTV). This deal has a £1,499 fee. Halifax's fee-free remortgage three-year fix at 60% LTV is down 0.01 percentage points to 4.41%, while the equivalent deal with a £999 product fee has been reduced by 0.05 percentage points to 4.18%. The equivalent three-year remortgage deals at 80% LTV up to 90% LTV have been cut by between 0.04 percentage points and 0.11 percentage points. There are no rate cuts at 75% LTV. The bank is offering a three-year fix at 4.73% with a £999 fee at 80% LTV. Among the new deals offered by Leeds building society is a two-year fix for purchase or remortgage at 4.15% (65% LTV) with a £1,499 fee. The lender also has a five-year fixed-rate deal for home purchase, for borrowers with a 10% deposit (90% LTV), at 4.89% with no product fee. Borrowing for home purchase and remortgages to a new lender both dipped in November 2024, compared to the previous month, according to the latest data released in the Bank of England's Credit and Money Report. Mortgage approvals for house purchase fell by 2,400 to 65,700, while remortgage activity dropped by 300 to 31,200 in total. But the Bank says both figures remain above the 12 month average – at 60,400 and 30,000 respectively. Mark Harris, chief executive at mortgage broker SPF Private Clients, said: 'Mortgage approvals for new purchases slipped, which comes as a surprise and suggests ups and downs for the market in coming months rather than a steady improvement. 'Remortgaging numbers dipped very slightly, but this could mean more borrowers stuck with their existing mortgage providers rather than switching to a new lender. 'The effective interest rate paid on new mortgages decreased again to 4.5% as lower pricing at the time is reflected in the official figures. With a number of lenders cutting rates this week, this may dip further in coming months if others follow suit.' Free Mortgage Advice is a 5-star Trustpilot rated online mortgage adviser that can help you find the right mortgage - and do all the hard work with the lender to secure it. *Your home may be repossessed if you do not keep up repayments on your mortgage. Compare Mortgages 12 December: Santander, Halifax, Barclays, Virgin, And TSB All Announce Cuts To Fixed Rates Santander, Halifax, Barclays, Virgin Money, TSB and Yorkshire building society are among lenders taking a knife to fixed rate mortgage deals this week as swap rates – the rate at which banks lend to each other in the wholesale markets – have edged downwards, writes Jo Thornhill. Swap rates, which are a major influence on fixed rate mortgage pricing and therefore deals available to borrowers, had risen slightly following the Autumn Budget due to market fears over government borrowing and spending. But in recent days the rates have started to fall back prompting many major lenders to announce cuts. Santander has reduced selected residential fixed rates across its purchase and remortgage deals by up to 0.23 percentage points. At the same time the bank's deals for new build purchase have been cut by 0.16 percentage points and rates for larger loans (£250,000 or more) have been lowered by 0.1 percentage point. The lender's buy-to-let deals have also been lowered in cost by up to 0.16 percentage points. The bank has also announced it is adding £250 cashback on completion to all residential purchase mortgage deals at 85% loan to value or higher (where the borrower has a 15% deposit or less). Santander is now offering a two-year fixed rate for residential remortgage priced at 4.3% (60% loan to value) and an equivalent five-year remortgage deal at 4.17% (also 60% LTV). Both deals come with a £999 fee. Halifax, the UK's largest mortgage lender, has also confirmed it is cutting rates on two and five-year fixed rate deals for residential home purchase for borrowers with a 10% deposit (90% LTV), effective from tomorrow (13 December). Its five-year purchase deal at 90% LTV is now 4.74% with a £999 fee. Barclays has lowered the rates on its five-year fixed rate residential purchase and remortgage products by up to 0.14 percentage points. The lender is offering a five-year purchase deal priced at 4.11% with an £899 fee, for buyers with at least a 40% cash deposit. The bank is also offering a five-year fixed remortgage deal at 4.25% with a £999 fee for borrowers with at least 25% equity in their home (75% LTV). Virgin Money is cutting the cost of selected residential purchase rates by up to 0.22 percentage points, including some shared ownership and Own New rates for first-time buyers. Its rates start from 4.37% for a two-year fixed rate at 65% LTV with a £995 fee. The five-year equivalent deal is at 4.24%. TSB has cut fixed rates by up to 0.4 percentage points across its residential new business range and product transfer deals for existing customers. Among its changes, the bank has reduced three-year fixed rate purchase deals by up to 0.22 percentage points and five-year equivalent purchase deals by up to 0.15 percentage points. The lender's two-year fixed rates for purchase now start from 4.37% (at 60% LTV) with a £995 fee, with equivalent five-year purchase deals starting from 4.34% (also 60% LTV). Yorkshire building society (YBS) has pegged down selected fixed rates across its range by up to 0.27 percentage points. Among its new offers is a two-year fixed rate for remortgage at 4.66% for borrowers with at least 25% equity in their home (75% LTV). There is a £495 fee and £250 cashback on completion. Accord, the specialist lending brand owned by YBS, has cut selected residential and buy-to-let rates, by up to 0.1 percentage point. It follows cuts by the lender of up to 0.3 percentage points less than a week ago. Among its new deals Accord is offering a fee-free two-year fix for residential purchase at 5.09% at 75% LTV. The deal pays £500 cashback on completion. Principality building society has cut selected mortgage rates, while increasing the cost of some deals. The mutual lender has reduced selected residential fixed rates over two, three and five-years, by up to 0.13 percentage points. However, its five-year fixed rate deals for borrowers with just 10% equity in their property have been increased by 0.05 percentage points. Free Mortgage Advice is a 5-star Trustpilot rated online mortgage adviser that can help you find the right mortgage - and do all the hard work with the lender to secure it. *Your home may be repossessed if you do not keep up repayments on your mortgage. Compare Mortgages 5 December: Yorkshire Cuts Rate On First-Time Buyer Deal NatWest and HSBC are cutting the price of selected fixed-rate mortgage deals, suggesting competition is persisting in the run-up to Christmas, writes Jo Thornhill. The moves follow rate reductions by Barclays last week (see stories below), Wholesale interest rates, which influence fixed mortgage rates, have stabilised after rising in the weeks following the Autumn Budget. Many lenders are now adjusting their mortgage pricing down, albeit with relatively modest rate reductions. NatWest has cut selected residential and buy-to-let fixed rates effective from tomorrow (6 December). Its two-year residential deal for home purchase, for borrowers with at least 40% cash deposit (60% loan to value), is down from 4.37% to 4.32% with a £999 fee. The same deal for borrowers with at least 25% deposit is down from 4.59% to 4.49%. HSBC has cut rates on selected residential and buy-to-let (BTL) deals. It is offering a five-year fixed-rate deal at 4.19% for remortgage (60% LTV) with a £999 fee. Its two-year equivalent deals now start from 4.44%. Coventry building society has cut selected fixed rate deals, available through brokers, by up to 0.26 percentage points. The lender has also reduced rates on BTL deals by up to 0.25 percentage points. It is offering a fee-free two-year fixed rate for residential purchase for buyers with at least a 35% cash deposit Accord, part of Yorkshire building society, has cut selected residential and BTL fixed rates, available through brokers, by up to 0.3 percentage points. The lender has cut the rate of a two-year fixed BTL purchase deal, for borrowers with a 20% cash deposit, from 5.89% to 5.54%. There is a £995 fee. Among its residential fixed rate changes, Accord has cut the rate on its flagship first-time buyer product, the £5k deposit mortgage, from 5.79% to 5.74%. This deal, which is fee-free, is available to customers through brokers and direct from Yorkshire building society. Gen H has cut selected deals for first-time buyers by up to 0.25 percentage points including fixed rates at 90% and 95% LTV. It is offering a five-year fixed rate at 5.6% for borrowers with a 10% cash deposit. There is a £1,499 fee. But high street lender TSB has pushed up the cost of its two and five-year fixed rates by up to 0.1 percentage points at higher loan to value ratios. Its first-time buyer five-year fixed rates at 90% loan to value now start from 4.94% with a £995 fee or at 5.04% with no fee. Clydesdale Bank, part of Virgin Money, has also increased rates on selected residential mortgage deals for borrowers with up to a 10% deposit or equity (95% LTV and 90% LTV). Its fee-free five-year purchase rate at 95% LTV has risen by 0.3 percentage points to 5.54%, while the equivalent deal with a £999 product fee rises 0.1 percentage points to 5.29%. Nick Mendes at broker John Charcol said: 'Rate cuts by NatWest and HSBC reflect a broader trend among lenders capitalising on a period of stability in [wholesale] 'swap' rates following a month of volatility. This volatility was driven by market adjustments to future base rate expectations in light of inflationary pressures highlighted after the Budget. 'Earlier this year, markets had priced in a reduction in the Bank of England Bank Rate beginning in February, with a total of five cuts in 2025. However, this has now moderated to expectations of three to four cuts at most. 'As markets settled lenders such as HSBC, Barclays and NatWest have been quick to reprice and ensure any last opportunities to win business in 2024 are taken before demand typically slows for the festive season.' Free Mortgage Advice is a 5-star Trustpilot rated online mortgage adviser that can help you find the right mortgage - and do all the hard work with the lender to secure it. *Your home may be repossessed if you do not keep up repayments on your mortgage. Compare Mortgages 29 November: Halifax launches 18-Month Fixed-Rate Deals Santander has increased the cost of selected fixed-rate deals for purchase and remortgage by up to 0.18 percentage points, while Barclays has cut a range of its fixed rates, writes Jo Thornhill. There remains a mixed picture on rates, with some lenders reducing rates as they vie for new business before the year end, and others pushing up costs, typically where they have offered best buys and are looking to limit demand. Santander has been offering two and five-year fixed deals at market leading rates. Its latest rate increase (effective from 28 November) is likely to be a way to manage its business levels. It has also increased new-build fixed rates, plus selected buy-to-let fixed rates by up to 0.13 percentage points. Its product transfer deals, for existing customers looking to switch to a new fixed rate with the bank, are also tweaked upwards by 0.09 percentage points across residential deals and by 0.04 percentage points on its buy-to-let switcher range. Santander is also set to launch a new range of two-year residential purchase fixed rates for borrowers buying property worth up to £250,000. The bank's standard two-year residential remortgage rates now start from 4.3% with a £999 fee (at 60% loan to value), and the equivalent five-year rate is at 4.29%, also with a £999 fee. MPowered Mortgages is cutting three-year fixed-rate deals for residential purchase and remortgage by up to 0.12 percentage points, effective from 5.30pm today (29 November). It follows cuts by the lender to two and three-year rates of up to 0.28 percentage points just two weeks ago, bucking the trend of other lenders who have been increasing rates. The lender is offering a three-year fix for purchase at 4.09% with a £999 fee, for borrowers with at least 40% deposit (60% LTV), with an equivalent fee-free deal at 4.27%. Barclays has cut selected residential fixed rates for purchase and remortgage by up to 0.2 percentage points. Its five-year remortgage deal for borrowers with 40% equity (60% loan to value) is cut to 4.17%, from 4.37%. This deal has a £999 fee. The bank's fee-free two-year fixed rate for purchase for borrowers with a 10% cash deposit (90% LTV) has fallen from 5.49% to 5.39%. While its two-year purchase deal at 75% LTV has dropped to 4.36% with an £899 fee. Swap rates, the rates at which banks lend to each other and which influence fixed-rate mortgage pricing, have dropped slightly in recent days, having risen in the immediate aftermath of the Autumn Budget. Nick Mendes at broker John Charcol said: 'Barclays has made a bold move as the first high street lender to cut mortgage rates in response to recent market changes. 'With swap rates easing over the past couple of days, it's great to see a lender acting quickly to reflect the slightly improving conditions. This could also signal the potential for more repricing across the market if conditions remain stable.' TSB has made a range of rate changes across its residential and BTL products, including increasing rates by 0.15 percentage points on its five-year fixed rates for first-time buyers and movers at 90% and 95% LTV. But at the same time the bank has cut two and five-year buy-to-let fixed rates by up to 0.1 percentage points, for landlords with at least 40% equity (60% LTV). Selected product transfer rates for residential borrowers will also fall by up to 0.15 percentage points. Clydesdale Bank, part of Virgin Money group, is increasing selected residential fixed rate mortgage deals by up to 0.3 percentage points from Monday (2 December). The rate rises will apply to core residential two- and five-year fixed rates at 90% and 95% LTV, including product transfer deals for existing customers looking to switch. The bank's two-year fixed rates for buy-to-let at LTVs of between 60% and 75% will also increase by 0.1 percentage points. Halifax has launched a selection of fixed-rate remortgage deals with an 18-month term, to offer greater flexibility to borrowers. Rates start from 4.37% for borrowers with at least 40% equity in their property. While a homeowner with 20% equity could secure a rate at 5.04%, for example. All deals have a £1,499 product fee. Amanda Bryden, head of mortgages at Halifax Intermediaries, said: 'Brokers have told us that their clients are keen to see more shorter-term products. With this latest launch, we're delivering the certainty of fixed payments balanced with a term that offers more flexibility.' Free Mortgage Advice is a 5-star Trustpilot rated online mortgage adviser that can help you find the right mortgage - and do all the hard work with the lender to secure it. *Your home may be repossessed if you do not keep up repayments on your mortgage. Compare Mortgages 21 November: Mortgage Rates Unlikely To Fall In Short Term NatWest Bank has nudged up the cost of selected fixed rate deals by 0.1 percentage points for new residential borrowers, effective from tomorrow (22 November), writes Jo Thornhill. It follows similar increases to fixed rates this week by Virgin Money and Clydesdale Bank, a lending brand in the Virgin Money group. NatWest's rate increases affect its two and five-year fixed rate deals, including first-time buyer rates, shared equity, Help to Buy and green mortgage products up to 85% loan to value (LTV). The bank's two-year fixed rate for purchase for borrowers with a 40% cash deposit (60% LTV) has been hiked from 4.22% to 4.32% with a £1,495 fee. Costs on the equivalent deal, with a lower £995 fee, rise from 4.37% to 4.59%. The lender's five-year fixed rate for purchase (also at 60% LTV) has risen from 4.19% to 4.29% with a £995 fee. Virgin Money has increased the cost of selected two and five-year fixed rate deals at 85% LTV and 90% LTV by up to 0.15 percentage points, also effective from tomorrow (22 November). A number of its first-time buyer deals, including its Own New scheme and shared ownership mortgage deals will rise in cost. Clydesdale Bank has increased selected residential fixed rates by up to 0.29 percentage points, while selected buy-to-let deals have gone up by 0.3 percentage points. The rate rise affects two and five-year residential fixed rates, available through brokers, for borrowers with 15% deposit or equity or less – plus larger loans and fixed rates for newly qualified professionals (part of Clydesdale's Professional mortgage range). The news on Wednesday this week that inflation jumped in October to 2.3% (up from 1.7% in September) has prompted a number of lenders to reverse the trend of cutting fixed mortgage rates. The last of the sub-4% five-year fixed rates (for borrowers with at least 40% deposit or equity) were pulled from the shelves at the end of last week. And the average two year rate is now at 5.53%, while the average five-year rate is at 5.26%, according to Moneyfacts. This represents a 0.11 percentage point and 0.13 percentage point increase respectively, compared to where average rates were just two weeks ago (at 5.42% and 5.13% respectively). Nick Mendes, broker at John Charcol, commented: 'Following the inflation data this week, I'd expect fixed mortgage rates to continue rising as markets adjust their forecasts on interest rates. Lenders will likely adopt a cautious stance, mirroring the broader market sentiment.' Mr Mendes added that price competition is unlikely to be a priority for lenders as the festive period gets underway. Free Mortgage Advice is a 5-star Trustpilot rated online mortgage adviser that can help you find the right mortgage - and do all the hard work with the lender to secure it. *Your home may be repossessed if you do not keep up repayments on your mortgage. Compare Mortgages 13 November: NatWest and Barclays Raise Costs In Uncertain Market NatWest and Barclays have both made substantial increases to the cost of fixed rate mortgage borrowing as they look to control business volumes, writes Jo Thornhill. Barclays has increased residential and buy-to-let fixed rates by as much as 0.56 percentage points, while NatWest has hiked rates by up to 0.35 percentage points. Both lender increases are effective from tomorrow (14 November). The moves by Barclays and NatWest follow similar increases by a swathe of major lenders in recent days including HSBC, Nationwide building society, Santander, TSB and Virgin Money (see stories below). Rising swap rates, the interest rates at which banks use to lend to each other and which influence fixed mortgage rates for borrowers, have been rising since the Budget on 30 October, due to fears over government spending. Markets now believe that interest rates may not fall as quickly as had previously been predicted. This is despite the Bank of England cutting its benchmark Bank Rate from 5% to 4.75% earlier this month. The recent fixed rate rises by other lenders had left Barclays and NatWest in the best-buy position for a number of mortgage deals which has likely led to a flood of applications from borrowers. Brokers say today's rate increases by both high street lenders are likely due to these banks looking to control their business volumes in uncertain market conditions. NatWest has increased the rate on its best-buy five-year fixed rate deal for residential purchase from 3.84% to 4.14%, for borrowers with at least 40% equity in their home (60% loan to value). There is a £1,495 fee. The same five-year deal with a lower £995 fee goes up from 3.89% to 4.29%, while the fee-free option has risen from 3.99% to 4.29%. The lender's five-year deal for home purchase at 75% LTV with no fee will be increased from 4.09% to 4.44%. Barclays has increased the cost of its best-buy two-year fixed rate for home purchase from 3.99% to 4.33%. The deal, which requires buyers to have a 40% cash deposit (60% loan to value), has an £899 fee. The lender's two-year fixed rate for remortgage at 4.03%, which was also a best-buy at 60% LTV, is increased to 4.37%. There is a £999 fee. Barclays two-year fixed rate for residential purchase for large loans has gone up by 0.56 percentage points from 4.38% to 4.94%. This is for buyers with at least 15% cash deposit (85% LTV) and there is a £1,999 product fee. Nick Mendes at broker John Charcol commented: 'Both NatWest and Barclays' rate adjustments reflect the broader trend of rising costs in the lending market, influenced by ongoing economic pressures and changes in the interest rate environment.' TSB is increasing selected fixed rate deals effective from 15 November. Its three-year fixed rate deals for residential purchase and remortgage are increased by 0.2 percentage points, while its shared ownership and shared equity deals rise by up to 0.3 percentage points. Selected two and five-year buy-to-let fixed rates rise by up to 0.3 percentage points. The bank's product transfer deals for existing borrowers have also been increased by up to 0.1 percentage points. Virgin Money has increased the cost of a range of its residential purchase deals, available through brokers, by up to 0.2 percentage points, effective from 15 November. It is the bank's third increase this month. Among the rate rises its two- and five-year purchase deals at 85% LTV have increased in cost, with five-year rates starting at 4.59% with a £999 fee. Free Mortgage Advice is a 5-star Trustpilot rated online mortgage adviser that can help you find the right mortgage - and do all the hard work with the lender to secure it. *Your home may be repossessed if you do not keep up repayments on your mortgage. Compare Mortgages 12 November: HSBC, Nationwide and Virgin Follow Santander With Hikes To Fixed Rate Costs A number of major lenders are increasing the cost of fixed rate mortgage deals, following a similar move by Santander (see stories below), as competitive deals are causing a rush of business, writes Jo Thornhill. HSBC is nudging up the cost of a wide range of residential and buy-to-let fixed rates, available direct and through brokers, effective from tomorrow (13 November). Rates will rise on selected two and five-year purchase and remortgage residential deals, as well as two, three, five and 10-year fixed rates on product transfer deals (these are rates available to existing customers looking for a new rate). Nationwide building society is increasing selected fixed rates while reducing rates on other deals. Full details will not be unveiled until tomorrow (13 November), but the mutual lender has confirmed that offers for new customers, as well as existing customers looking to transfer their deal or increase their borrowing, will be affected. Virgin Money has also announced it is increasing selected fixed rate deals for residential purchase and remortgage by up to 0.2 percentage points from tomorrow (13 November) in its second rate hike this month. It is also increasing some buy-to-let fixed rates, by up to 0.2 percentage points, while selected product transfer deals for existing borrowers will rise by up to 0.25 percentage points. TSB has increased rates by up to 0.3 percentage points across selected two- and five-year fixed rate residential purchase and remortgage deals, for first-time buyers and homemovers. At the same time it has hiked selected five-year fixed rate product transfer deals by up to 0.2 percentage points. Broker Nick Mendes at John Charcol says HSBC has been offering close to market-leading deals and that its latest repricing is probably due to the bank looking to control application levels and service standards. He said: 'Other lenders have not been offering such low rates. This has led to an influx of applications for deals with HSBC and other market leaders. This can often stretch service levels, prompting rapid rate changes to manage demand.' David Hollingworth at broker L&C Mortgages commented yesterday: 'Markets are now anticipating that rates may need to remain a little higher for longer and that has pushed up costs for lenders, which has forced fixed rates up. Many lenders have already made increases and those are likely to continue as the market finds its level.' But while some lenders are pushing up fixed rates, other lenders are taking the opportunity to cut rates and grab greater market share. MPowered Mortgages has slashed the cost of its two and three-year residential mortgage rates by up to 0.28 percentage points. The lender is offering a two-year fixed rate deal for home purchase at 4.21% for those with at least a 40% cash deposit (60% LTV) with a £999 fee. Three-year equivalent fixed rates start at 4.19% (60% LTV). Free Mortgage Advice is a 5-star Trustpilot rated online mortgage adviser that can help you find the right mortgage - and do all the hard work with the lender to secure it. *Your home may be repossessed if you do not keep up repayments on your mortgage. Compare Mortgages 11 November: Santander Hikes Fixed Rates Despite Bank Rate Cut Santander has hiked the cost of a wide range of its fixed rate mortgage deals despite the Bank of England cutting interest rates by 0.25 percentage points last week, writes Jo Thornhill. The high street bank has notified mortgage brokers it will raise selected residential fixed rates by up to 0.29 percentage points, and the cost of some buy-to-let (BTL) fixed rates by up to 0.31 percentage points. Santander's new rates and deals will be unveiled and available online, direct and through brokers, from tomorrow morning (12 November). The rises will affect new borrowers as well as existing customers coming to the end of their deal and looking for a new rate with the lender. It follows rate increases by a number of lenders in recent days including HBSC, TSB, and Virgin Money (see stories below). Santander has offered a number of market-leading fixed rates in recent weeks, including the lowest two-year fixed rate for purchase at 3.96% with a £999 fee, for borrowers with at least a 40% cash deposit (60% loan to value). Its equivalent deal for borrowers with a 25% deposit (75% LTV) at 4.09% is also currently among the market leaders. Both deals are expected to rise from tomorrow. Nick Mendes at broker John Charcol said that today's move from Santander was to control business volumes arising from these highly competitive deals: 'Santander had recently reduced its rates and had already priced in the latest Bank Rate reduction, while other lenders, such as Halifax, were increasing costs. 'Santander has no doubt seen a surge in applications from clients looking to secure current rates, putting pressure on its service levels.' David Hollingworth at broker L&C Mortgages said: 'Markets are now anticipating that rates may need to remain a little higher for longer and that has pushed up costs for lenders, which has forced fixed rates up. 'Last week's Bank Rate cut had been expected so was already factored into fixed rates but the forecast has shifted in recent weeks as the potential impact of the Budget on inflation has fed through. Many lenders have already made increases and those are likely to continue as the market finds its level.' The choice of mortgages for borrowers has slipped significantly this month, from 6,645 in October to 6, 405 in November, according to Moneyfacts. It is the biggest monthly fall since July 2023. The average shelf-life of a mortgage deal also fell from 21 days last month, to 17 days in November. Free Mortgage Advice is a 5-star Trustpilot rated online mortgage
Times
15-05-2025
- Business
- Times
New 100% mortgage deal launches in UK
Homebuyers will be able to get a 100 per cent mortgage tomorrow, in one of the first deals of its kind since the financial crisis. April Mortgages is releasing the deal, which will require borrowers to fix their interest rate — starting at 5.99 per cent — for 10 or 15 years. The mortgage will be available to first-time buyers and house movers with a household income of at least £24,000 and will not require a deposit. April Mortgages said fixing the rate for a decade or more would reduce the risk of negative equity, where the value of a property falls to less than the loan taken out against it. The lender, a Dutch-owned company, offered its first mortgages to British buyers last year.
Forbes
14-05-2025
- Business
- Forbes
Mortgage News: Wave Of Rate Reductions Ripples Out To Smaller Lenders
Find out what's happening with today's mortgage rates and calculate monthly repayments across a range of different rates and deals. 14 May: Two-Year Fixes See Sharpest Price Drop In Six Months The cost of fixed rate mortgage deals has continued to tumble after the Bank of England lowered interest rates to 4.25% last week (8 May), writes Jo Thornhill. Smaller banks and building societies are now following the lead of major high street lenders – including Halifax, Santander, Nationwide and HSBC – which have all slashed costs in the last fortnight. Two-year fixed rates have undergone the biggest monthly fall (0.16 percentage points in May) since October last year, according to financial data firm Moneyfacts. It puts the average two-year fixed rate at 4.24% – the lowest recorded since September 2022. Here's more on the latest lender changes. Accord Mortgages, the specialist lending arm owned by Yorkshire building society, has cut fixed rate residential deals, available through brokers, by up to 0.24 percentage points. It is offering a two-year fixed rate for residential purchase for borrowers with a 5% deposit (95% loan to value) at 5.18%. The deal has a £495 fee but £300 cashback on completion. MPowered Mortgages has made its fourth cut to fixed rates since the start of April, reducing three-year fixed rate deals for new customers. These deals for residential purchase now start from 3.88% with a £999 fee at 60% LTV – or at 4.08% with no fee. Principality building society has cut the cost of selected deals across its range by up to 0.2 percentage points. It has lowered the cost of two-, three- and five-year fixed rates at 65% and 75% loan to value. It has a two-year fixed rate for residential remortgage at 3.86% with a £1,499 (65% LTV). Buckinghamshire building society has reduced the rates on a number of its mortgage deals for borrowers with impaired credit. Its Credit Revive and Credit Restore products have been cut by up to 0.4 percentage points. It has a two-year fixed rate Credit Revive deal at 5.59% with a £999 fee (70% LTV). Foundation Home Loans has made significant cuts across its fixed rate buy-to-let mortgage range of up to 0.55 percentage points. Among the lender's BTL deals, available through brokers, it has two- and five-year fixed rates starting from 4.09% with a 4% fee (65% LTV). Nationwide building society and Rightmove, the online property portal, have launched a new 'property lending checker' which enables homebuyers to find out if a property they're interested in buying would be eligible for mortgage lending. Typically homebuyers don't find out if a property is eligible with their chosen lender until they apply formally for the mortgage – which can waste time and cause disappointment. Nationwide considers various risks, such as a short lease on leasehold property, homes built from non-standard materials, and flood risk. But, via the online property checker, it can give a view on the likelihood of issues being flagged in the mortgage process. Mortgage broker Nick Mendes at John Charcol welcomed the innovation. He said: 'One of the biggest frustrations for buyers is discovering, often after they've found their dream property and submitted an application, that it isn't eligible for a mortgage with that particular lender. 'Integrating lending insights directly into property listings feels like a logical step forward, particularly if it helps speed up the process.' But Mendes adds: 'The key will be in how clearly the risks are communicated. Highlighting a property as high-risk is one thing, but buyers will need to understand what, if anything, they can do about it.' Contacting a mortgage broker in the early stages of a buying process can also help sense-check whether a property is mortgageable. Free Mortgage Advice is a 5-star Trustpilot rated online mortgage adviser that can help you find the right mortgage - and do all the hard work with the lender to secure it. *Your home may be repossessed if you do not keep up repayments on your mortgage. Compare Mortgages 12 May: Number Of Sub-4% Deals Grows For Deposit-Rich Borrowers Barclays, Santander, TSB and The Mortgage Works have reduced their fixed rate costs following last week's quarter percentage-point cut to the Bank Rate, writes Jo Thornhill. The Bank of England trimmed its benchmark interest rate on 8 May from 4.5% to 4.25%. Barclays has reduced the cost of fixed rate deals for new purchase and remortgage customers by up to 0.19 percentage points, while deals for existing customers – known as product transfer rates – have been cut by up to 0.42 percentage points. The high street bank is offering a two-year fixed rate for remortgage priced at 3.88% with a £999 fee, for borrowers with at least 40% equity in their property (60% loan to value). The five-year equivalent deal is cut to 3.89%. Two-year fixed rates for home purchase now start from 3.87% with an £899 fee (60% LTV). Barclays Premier banking customers can secure the same deal at 3.86%. Among its product transfer deals for existing mortgage customers, Barclays has cut its fee-free one-year fixed rate deal for borrowers with 10% equity in their home (90% LTV) from 6.31% to 5.89%. Santander has cut selected fixed rates by up to 0.2 percentage points. It is offering two- and five-year fixed rates for remortgage from 3.98% (60% LTV) with a £999 fee. TSB has lowered fixed rates across its range by up to 0.2 percentage points. Among its new deals is a fee-free two-year fixed rate for home purchase at 4.84% for borrowers with a 10% cash deposit (90% LTV), which pays £500 cashback on completion. The Mortgage Works, part of Nationwide, which itself reduced rates earlier this week for residential borrowers, has cut the cost of selected buy-to-let (BTL) fixed rates by up 0.3 percentage points. It has a two-year fixed rate for standard BTL remortgage at 3.29% with a 3% fee available up to 75% loan to value. For limited company BTL deals, there is a two-year deal for purchase or remortgage at 4.14% with a 3% fee, also up to 75% LTV. David Hollingworth at broker L&C Mortgages said: 'The lowest two- and five-year fixed rates are now pretty much on par and sit comfortably below 4%, a marked improvement on where rates sat only a matter of weeks ago. 'However, this latest Bank Rate cut was already priced into most fixed mortgage rates. Borrowers holding off in the hope of further rate drops may want to think about how quickly things can change. 'Just as rates have dipped again there's no knowing what may be round the corner. Taking a deal and keeping it under review may be the better option.' Free Mortgage Advice is a 5-star Trustpilot rated online mortgage adviser that can help you find the right mortgage - and do all the hard work with the lender to secure it. *Your home may be repossessed if you do not keep up repayments on your mortgage. Compare Mortgages 7 May: Lenders Expecting Bank Of England Rate Cut Tomorrow Nationwide building society is cutting the cost of a range of its fixed-rate deals and tracker rates by up to 0.3 percentage points, writes Jo Thornhill. The move comes as lenders look ahead to tomorrow's Bank Rate decision by the Bank of England, when a cut of at least a quarter percentage point (0.25) is expected. This would take the influential rate down from 4.50% to 4.25%. Nationwide has cut selected two-, three-, five- and 10-year fixed rates and its two-year tracker rate deals to reduce its lowest fixed rate to 3.84%. This rate is available on two-year and five-year fixed rates for home purchase and home movers (new and existing customers) who have at least a 40% deposit (60% loan to value) and are borrowing £300,000 or more. There is a £1,499 fee. It is offering an equivalent two-year deal for first-time buyers at 3.99% with a £999 fee (60% LTV) and no minimum loan size. Selected two-, three- and 10-year fixed rate remortgage rates have also been lowered. Nationwide is offering a two-year deal at 5.44% (95% LTV) with a £999 fee, and a 10-year fixed rate at 4.49% (75% LTV) with a £999 fee. Leeds building society has reduced selected fixed-rate deals by up to 0.2 percentage points. It is offering a two-year fixed rate for purchase or remortgage at 4.07% with a £1,499 fee (65% LTV), for example, and a no-fee equivalent deal at 4.34%. It has a two-year fixed rate at 4.29% (75% LTV) with a £999 fee. The financial regulator, the Financial Conduct Authority, has launched a consultation into the mortgage industry, focused on ways to improve the remortgage process and make things easier and faster for borrowers. Among suggested policy changes, the FCA is looking for lenders to make it easier for customers to access cheaper loan deals and change the term of their mortgage, to reduce overall costs. The consultation period will close on 4 June. Virgin Money, part of Nationwide, is cutting selected residential purchase deals by up to 0.2 percentage points and selected buy-to-let rates by up to 0.32 percentage points, effective from 8 May. Product transfer rates for existing borrowers are also being cut by up to 0.15 percentage points. The lender is offering a two-year and a five-year fixed rate for residential home purchase, both at 4.19% with a £895 fee, for borrowers with a 20% deposit (80% LTV). MPowered Mortgages has cut its two-, three- and five-year fixed rates deals for residential purchase and remortgage by up to 0.17 percentage points. The lender cut selected three-year fixed rates less than a week ago. Its two-year fixed rates for purchase now start from 3.94%, while equivalent three-year rates start from 3.89% and five-year rates start at 4.04%. All deals have a £999 fee and require at least a 40% cash deposit. Skipton building society has launched a product to help first-time buyers. The Delayed Start Mortgage is available to buyers with at least a 5% cash deposit (95% loan to value), with first-time borrowers not having to make any repayments for the first three months – effectively a payment holiday. Free Mortgage Advice is a 5-star Trustpilot rated online mortgage adviser that can help you find the right mortgage - and do all the hard work with the lender to secure it. *Your home may be repossessed if you do not keep up repayments on your mortgage. Compare Mortgages 2 May: Offers Hit 7x Income On Longer Fixed Rates Mortgage lenders are continuing to reduce the cost of fixed-rate borrowing as the price war intensifies in the run-up to Bank of England's next interest rate decision on 8 May, writes Jo Thornhill. Halifax has cut selected fixed rates for residential purchase and remortgage, including a 0.31 percentage rate cut on its two-year deal for remortgage, which takes the rate down to a market-leading 3.79%. This deal has a £1,999 fee, is only available on mortgages worth more than £250,000, and borrowers must have at least 40% equity in their home (60% loan to value). Among Halifax's other deals is a five-year fixed rate for remortgage at 3.98% with a £999 fee (also 60% LTV) but with no minimum loan size. This represents a cut of 0.3 percentage points on the previous rate. HSBC has cut selected fixed rates for the second time in a week (see stories below). The latest round of cuts includes a reduction to its higher loan to value borrowing, with the lender now offering a fee-free two-year fixed rate for home purchase at 95% LTV priced at 4.99%. Costs of its two- and five-year fixed rates for remortgage have also fallen to start from 3.89% with a £999 fee at 60% LTV. HSBS Premier banking customers can get the same deal at a rate of 3.84%. Santander has also reduced the cost of fixed rates across its range of purchase and remortgage range. It has a two-year fixed rate for homemovers at 3.89% with a £999 fee (60% LTV) and an equivalent five-year deal at 3.92%. It is also offering competitive three-year fixed rates for purchase, including a deal at 85% LTV priced at 4.49%, or at 4.75% for buyers with a 10% deposit (90% LTV). Both deals come with a £999 fee. For remortgage, two-year fixed rates now start from 4.09% with a £999 fee (60% LTV), or from 4.12% for an equivalent five-year fix. NatWest has cut selected fixed rates across its residential range, available through brokers, to offer competitive two- and five-year fixed rates for home purchase at 3.88%. Borrowers need at least a 40% cash deposit (60% LTV) to bag this rate, with both deals having a £1,495 fee. The bank has also relaxed its lending criteria to allow customers to borrow more, and launched its 'Family-Backed mortgage', which is a joint borrower sole proprietor deal (JBSP), which can help younger borrowers onto the property ladder with the help of family members. Barclays has reduced selected fixed rates and has broadened its range of deals at sub-4%. It had been among the first lenders to drop fixed rates below 4%, but initially this had been for its Premier banking customers only. The bank is now offering a two-year fixed rate to all new customers looking to purchase a property at 3.92% with an £899 fee (60% LTV). The equivalent five-year deal for purchase is now at 3.93% with the same fee. Barclays two-year and five-year fixed rates for remortgage now start from 3.96% with a £999 fee (60% LTV). April Mortgages has increased its lending income multiple to seven times income for borrowers with a minimum income (single person or household income) of £50,000 taking a 10 or 15-year fixed rate deal. The maximum LTV is 85%, and there are no early repayment penalties. The standard maximum income multiple offered by most lenders is 4.5. April has relatively high rates compared to market-leading deals. Its 10-year fixed rate deals start at 5.55%, for example, with a £995 fee (60% LTV). Mark Harris, chief executive at mortgage broker SPF Private Clients, said: 'NatWest's launch of a market-leading five-year fix at 3.88%, along with a joint borrower sole proprietor mortgage for the first time and other enhanced affordability measures for all customers, is part of a growing trend among lenders keen to do more business. 'Falling fixed-rate mortgages and reversion rates for borrowers coming to the end of their current deal points to a lower rate environment. The easing of the cost-of-living crisis and [falling] inflation is playing a part, along with the Financial Conduct Authority clarifying its stance on affordability stress rates.' Will Rhind at mortgage broker Habito said: 'Looking ahead, much will depend on what the Bank of England decides on 8 May. It appears lenders are pricing in a Bank Rate cut, hence the recent reductions, so it's more likely that we'll see fixed rates settle around current levels for now, particularly while the broader economic outlook remains uncertain. 'An interest rate cut could provide further room for lenders to trim rates, but I'd be cautious about expecting a sharp drop. Lenders are keen to stay competitive, but they're also mindful of risk and market volatility. 'Overall, while this is positive news for borrowers, I'd advise people not to hold out for significantly lower rates in the short term, especially with affordability and lender criteria still relatively tight.' Elsewhere, TSB, MPowered Mortgages, Gen H, the specialist lender for first-time buyers, and Clydesdale Bank, part of Nationwide building society, have reduced selected residential fixed rate deals for new customers. TSB has cut rates for purchase and remortgage borrowers, as well as deals for existing customers looking to fix after coming to the end of their current deals. It is offering a two-year fix for home purchase at 4.04% with a £995 fee for buyers with a 25% cash deposit (75% LTV). It has a five-year fixed rate for remortgage at 4.39% with a £995 fee (also at 75% LTV). MPowered is offering a three-year fixed rate deal for remortgage at 3.98% with a £999 fee (60% LTV), the fee-free option is at 4.27%, and there is an added perk on both deals of £250 cashback on completion. Gen H has cut selected five-year fixed rates, with deals for purchase now starting at 5.13% with a £1,499 fee (60% LTV). This rate is available for borrowers who use Gen H's legal service as part of its homebuying bundle deal. Bucking the trend of rate cuts, Clydesdale Bank has increased two and five-year buy-to-let fixed rates by up to 0.09 percentage points at 60% and 75% LTV. Free Mortgage Advice is a 5-star Trustpilot rated online mortgage adviser that can help you find the right mortgage - and do all the hard work with the lender to secure it. *Your home may be repossessed if you do not keep up repayments on your mortgage. Compare Mortgages 16 April: Nationwide Offers Market-Leading Fix At 3.89% Lenders across the board have been making cuts to fixed rate mortgage costs this week, with Nationwide producing a new market-leading sub-4% deal, writes Jo Thornhill. Nationwide has cut rates for new and existing customers across its first-time buyer and homemover range by up to 0.25 percentage points. The lender is offering two-and five-year fixed rate deals both priced at 3.89% with a £1,499 fee and 40% deposit. The five-year deal is the best of its kind in the market. However, both mortgages are limited to a loan size of £300,00. The current market leader for a deal with no minimum loan size is from Yorkshire BS which is offering a two-year fixed rate for purchase priced at 3.91% with a £995 fee (60% LTV) – or 3.98% for the equivalent remortgage deal. Nationwide has also cut selected fixed rates for new remortgage customers and existing customers looking to switch to a new deal (product transfer rates) by up to 0.29 percentage points, effective from 25 April. The lender offers both a two-year or a five-year remortgage fixed rate at 3.94% with a £1,499 fee (minimum loan of £300,000) or equivalent deals at 3.99% with a £999 fee for mortgages of less than £300,000. These deals all require at least 40% equity in the property. Product transfer fixed rates also start from 3.94% (60% LTV) with a £999 fee. Halifax also cut selected deals for home purchase and remortgage this week by up to 0.21 percentage points. It is now offering two-year fixed rates priced from 3.94% with a £999 fee for a 40% deposit. Among its other deals is a five-year fixed rate for purchase at 4.10% with a £999 fee (60% LTV) and a two-year deal for purchasers priced at 4.34% with a £999 fee for a 20% deposit. Halifax, the UK's largest mortgage lender, has also cut remortgage fixed rates across a broad range of deals by up to 0.1 percentage points. Two-year remortgage fixed rates now start from 4.10% (60% LTV) with a £1,999 fee or from 4.18% for the equivalent five-year deal. The rate cuts follow similar moves by Santander, Barclays, NatWest and Coventry and Yorkshire building societies, which are offering deals priced at under 4%. What else is happening? Here's a summary of this week's mortgage price movements by lender. HSBC has cut its fixed rates across residential and buy-to-let purchase and remortgage deals for new and existing customers, effective from Monday 28 April. While the new rates and deals won't be unveiled until Monday, the lender has said it will be offering deals at sub 4%, in line with the sub-4% rates it already offers its Premier banking customers. For example, it offers a five-year fixed rate at 3.99% with a £999 fee for Premier banking customers looking to remortgage MPowered Mortgages has cut selected fixed rates by up to 0.12 percentage points, effective from 25 April. Its lowest two-year fixed rate for purchase is now priced at 3.99%. Over three years the rate is 3.92%, while its five-year fix is at 4.09%. All deals are for home buyers with at least 40% deposit (60% LTV) and have a £999 product fee. Fee-free equivalent rates are available starting at 4.24% for a two-year fix and 4.23% for a five-year deal. TSB has cut selected fixed rates for existing residential and buy-to-let borrowers by up to 0.25 percentage points. It follows reductions made by the lender earlier this month to its fixed rate ranges for new customers. Among the new deals is a two-year residential product transfer rate at 3.99% with a £1,495 fee, or at 4.19% with a £995 fee. Gen H, the specialist lender for first-time buyers, has lowered the cost of selected two-year fixed rates, including cutting its 90% loan to value deal by 0.3 percentage points to 5.94% with a £1,499 fee. This deal is available to first-time buyers who take Gen H's homebuyer bundle, which includes legal services. Shorter fixes becoming more competitive Shorter-term deals, such as two- and three-year fixed rates, are increasingly becoming more competitive than the equivalent five-year fixed rates, according to brokers, marking a reversal of the trend seen over the past two and half years. Data from Rightmove shows that the average two-year fixed mortgage rate at 60% LTV is now priced at 4.18% which makes it cheaper than the average five-year fixed equivalent priced at an average 4.19%. David Hollingworth, director at mortgage broker L&C Mortgages, said: 'There's been another flurry of new rates coming through and that has resulted in a clutch of deals at under 4%. 'Markets have shifted their expectations and look to be expecting that further interest rate cuts could come sooner than previously expected, following the turbulence in stock markets. 'Shorter-term deals are also dropping below the rates on five-year deals. Traditionally short-term rates would be expected to be lower but in recent years that has been flipped on its head and five-year rates have for a while been the cheapest. 'With that trend now on the turn borrowers will have to weigh up what works best for them, a shorter term rate or security over the longer term to protect against any volatility along the way.' The next Bank of England Bank Rate decision is on 8 May. Free Mortgage Advice is a 5-star Trustpilot rated online mortgage adviser that can help you find the right mortgage - and do all the hard work with the lender to secure it. *Your home may be repossessed if you do not keep up repayments on your mortgage. Compare Mortgages 15 April: Choice Of Low Deposit Deals At 17-Year High Santander and HSBC are among major lenders cutting fixed mortgage rates as instability in global markets prompts lenders to anticipate further reductions to the Bank of England Bank Rate, writes Jo Thornhill. Santander has announced reductions across its residential purchase and remortgage range, of up to 0.21 percentage points, including new two- and three-year fixed rates at under 4%, effective from 17 April. Selected buy-to-let (BTL) deals have also been cut by up to 0.16 percentage points. The bank's two- and three-year fixed rates for residential home purchase for buyers with at least a 40% cash deposit (60% loan to value) have fallen to 3.97% and 3.99% respectively, both with a £999 fee. Both Barclays and Coventry building society cut rates last week to offer sub-4% fixed rates for home purchase, in an intensification of the current mortgage price war. HSBC has also lowered the cost of its residential and BTL fixed rates for new and existing borrowers. The new rates and deals will be unveiled and available, through brokers, from 16 April. Nick Mendes at broker John Charcol said: 'There is definitely a shift in sentiment. Where we had initially expected two interest rate cuts this year, the market is now pricing-in up to four by the end of 2025, which would take the benchmark Bank Rate to 3.5% [from its current 4.5% assuming a 0.25 percentage point cut each time].' 'Some lenders have moved quickly to offer sub-4% deals, but others may be more cautious, particularly lenders that have recently locked in business at higher rates. There is the issue of pipeline risk, with borrowers trying to switch mid-process to access better deals, which could create operational and financial challenges for lenders.' Mortgage choice for borrowers with a low cash deposit or equity in their home is at its highest in 17 years, according to Moneyfacts. Its data shows there are 442 loan deals for borrowers with a 5% deposit this month compared to 335 deals a year ago (it was 575 in March 2008, the previous high). For borrowers with a 10% deposit or equity, there were 845 deals this month, compared to 774 in April 2024 (and compared to 957 in March 2008, also the previous high for 90% LTV deals). Rate news round-up Co-operative Bank for Intermediaries, owned by Coventry building society, has reduced selected rates for residential and BTL borrowers, both new and existing customers. Two- and three-year fixed rate deals, available through brokers, for new residential borrowers, have been lowered by up to 0.26 percentage points. Product transfer deals for existing customers have been cut by up to 0.18 percentage points. The lender is offering two-year fixed rates for residential purchase from 4.37% (60% LTV) with a £999 fee. The Mortgage Works, the specialist lender owned by Nationwide building society, has cut selected two- and five-year fixed rate deals for buy-to-let borrowers by up to 0.25 percentage points, effective from 17 April. It is offering a two-year deal for BTL purchase or remortgage at 3.14% with a 3% fee (65% LTV). The lender has also launched a range of £750 cashback deals for limited company landlords looking to remortgage. A five-year rate at 75% LTV starts from 4.99% with a 3% fee. Virgin Money, also part of Nationwide building society, has cut selected fixed rates for residential borrowing by up to 0.15 percentage points, and across its BTL range by up to 0.2 percentage points, effective from 17 April. Among the deals, available through brokers, is a two-year fixed rate for residential purchase at 4.33% with an £895 fee, for buyers with a 20% cash deposit (80% LTV). Gen H, the specialist lender focused on the first-time buyer market, has cut fixed rates across its range by up to 0.25 percentage points. It is offering a two-year fixed rate at 5.99% with a £999 fee (85% LTV) for borrowers who take its 'homebuyer bundle', where they use Gen H's conveyancing and legal service. Principality building society has lowered selected residential fixed rates by up to 0.22 percentage points, but it has increased the cost of deals for shared ownership and new build mortgages by up to 0.66 percentage points. The mutual lender's five-year fixed rates have seen the biggest reductions. It is now offering a fee-free five-year fixed rate deal for residential remortgage at 4.35% (65% LTV). West Brom building society has cut selected two-year residential fixed rates by up to 0.31 percentage points. Its two-year remortgage fixed rates, for borrowers with at least 20% equity in their home (80% LTV) drop by 0.3 percentage points to 4.39%, while the equivalent purchase deal has fallen by 0.31 percentage points to 4.29%. Both deals have a £999 fee. Newcastle building society has reduced selected residential fixed rates for borrowers requiring a large mortgage (£1.5 million or more) by up to 0.26 percentage points. It has a two-year fixed rate in this sector at 4.9% with a £1,999 fee (65% LTV). Melton building society has cut a range of its residential fixed rates by up to 0.29 percentage points, including many of its high loan-to-value rates. Among the new rates the mutual lender has a 5.25% five-year fixed rate deal for residential buyers with a 5% cash deposit (95% LTV). It has a £199 application fee but no other product fees. Atom Bank, the digital bank, has cut fixed rates, available through brokers, across its residential range by up to 0.2 percentage points. There are two- and three-year fixed rates, both at 4.99% with a product fee (the fee is variable based on the size of the loan and the specific deal). Precise Mortgages, the specialist lender for landlords with investment properties, has cut selected fixed-rate deals by up to a full percentage point (1%). It has deals starting from 3.59% for a two-year fixed rate with a 5% fee (65% LTV). Lloyds, the biggest mortgage lender with brands including Halifax, BM Solutions and Bank of Scotland, has relaxed its lending policy to enable customers to borrow more. The bank has said the change could see its typical customers borrow up to 13% more (£38,000 in real terms), based on a household income of £75,000. Santander similarly relaxed its 'stress test' for borrowers last month, enabling customers to borrow in the region of £10,000 to £35,000 more on a mortgage, on average. It comes after the regulator the Financial Conduct Authority (FCA) said last month that since interest rates had fallen, the stress tests (or higher interest rates) used by many mortgage providers when making lending decisions were too restrictive and could be preventing access to 'otherwise affordable mortgages'. The FCA will next month launch a consultation looking at ways to simplify the remortgage process. Free Mortgage Advice is a 5-star Trustpilot rated online mortgage adviser that can help you find the right mortgage - and do all the hard work with the lender to secure it. *Your home may be repossessed if you do not keep up repayments on your mortgage. Compare Mortgages 10 April: Barclays And Coventry Offering Sub-4% Deals A growing number of lenders, including Barclays, TSB and Coventry building society, are reducing the cost of fixed-rate mortgages, resulting in the return of deals priced below 4%, writes Jo Thornhill. The fixed-rate reductions are in response to market predictions that the Bank of England will cut the benchmark Bank Rate when its rate-setting Monetary Policy Committee (MPC) next meets on 8 May. President Trump's recent trade tariff announcements have triggered stock market turmoil around the world. And, although some stability has returned – helped by a 90-day pause by the US on the introduction of many tariffs – so-called 'swap' rates, which banks use to lend to each other, have nudged downwards. This has resulted in lenders producing cheaper fixed-rate mortgages for both purchase and remortgage. Here's a round-up of the latest movements. Barclays has cut selected fixed rates by up to 0.38 percentage points. It includes reductions to its standard two and five-year fixed rates for purchase, which have both fallen (from 4.11% and 4.12% respectively) to 3.99%. Both deals charge a £899 fee and require a minimum 40% cash deposit. Coventry building society has lowered a range of deals for new and existing customers with residential rates cut by up to 0.25 percentage points and buy-to-let deals cut by up to 0.2 percentage points. The mutual lender is offering a two-year deal for residential purchase at 3.99% with a £999 fee for borrowers with at least a 35% cash deposit. TSB has lowered the cost of selected two-year fixed-rate deals for new and existing customers (product transfer deals) by up to 0.25 percentage points. It is offering a two-year fixed rate for remortgage at 4.19% with a £1,495 fee (60% LTV). It has a two-year fixed rate first-time buyer deal at 4.34% with a £995 fee at 75% LTV. MPowered Mortgages has cut selected fixed rates by up to 0.21 percentage points. Two-year fixed rates now start from 4.05% with a £999 fee (60% LTV), while equivalent three- and five-year rates start from 4.04% and 4.14% respectively. Gen H, the specialist lender that offers deposit boost and other innovative mortgage loans to help first-time buyers, has reduced selected deals (up to 80% loan to value) by up to 0.2 percentage points, including deals under its New Build Boost scheme. LendInvest has reduced its five- and seven-year BTL fixed rate deals by up to 0.2 percentage points. It is offering a five-year standard BTL deal at 4.69% with a 7% fee at 75% LTV. Molo, the specialist buy-to-let lender, has cut fixed rates by up to 0.1 percentage points. It is offering a two-year fixed rate for BTL remortgage at 5.03% with a 2.5% fee at 75% LTV. In contrast to the majority of lenders, Clydesdale Bank, owned by Nationwide building society, has increased selected two- and five-year fixed rates this week by up to 0.15 percentage points, while reducing a handful of broker-exclusive rates and product transfer deals for existing customers. Nick Mendes at broker John Charcol said: 'Since President Trump's so-called 'liberation day' announcement [on 2 April], there has been a sharp change in market sentiment. 'Just over a week ago, markets were expecting two further Bank of England rate cuts this year. Now, they are pricing in four. If that plays out, the Bank Rate would fall from 4.5% now, to 3.5% by the end of the year – a significant shift driven by fears that a prolonged trade war could slow global growth.' Free Mortgage Advice is a 5-star Trustpilot rated online mortgage adviser that can help you find the right mortgage - and do all the hard work with the lender to secure it. *Your home may be repossessed if you do not keep up repayments on your mortgage. Compare Mortgages 3 April: High Street Lenders Cut Costs Across Range Of Deals Growing numbers of lenders are reviewing their fixed rate deals as markets react to the trade tariffs announced by US President Donald Trump. Gilt prices and swap rates have edged down prompting a number of banks and building societies to cut fixed mortgage rates, including Santander and TSB, as well as mutual lenders Coventry and Skipton (building societies). Brokers expect more fixed rate cuts next week as the market adjusts. However some lenders, including Halifax, Barclays and NatWest, have taken the opportunity to increase selected fixed rates, most likely to control business volumes and service levels (full round-up of mortgage rate changes below). Mortgage market expert Ray Boulger at broker John Charcol believes the trade tariff turmoil could lead to lower mortgage rates. He said: 'While a trade tariff war can only be bad for the world economy there are some trade-offs for the UK. Gilt yields have fallen and are nearly 25 basis points lower following the tariff announcement. 'It appears there will be little, if any, retaliation to the tariffs from the UK and so, unlike in the US, upward inflationary effects should be very limited. On the other hand, more competition from suppliers less able to export to the US, lower oil and freight costs plus a stronger sterling against the dollar should all help to lower inflation here. 'A better outlook for inflation and a more challenging economic situation means that a cut in Bank Rate on 8th May now looks almost certain, and equally important the outlook is for an acceleration of future cuts. Many lenders are likely to cut mortgage rates next week and we can look forward more optimistically now to further falls over the course of the year.' What's happening to fixed rates? Santander has cut selected two and five-year fixed rates for new and existing customers by up to 0.1 percentage points. The bank's two-year fixed rate purchase deals at 85% LTV up to 95% LTV will be reduced by up to 0.08%, while some two-year fixed remortgage rates at 60% LTV up to 75% LTV will be lowered by up to 0.07 percentage points. Five-year fixed rate remortgage deals at 75% LTV are cut by up to 0.1%. TSB has lowered the cost of selected purchase two, three and five-year fixed rates by up to 0.15 percentage points. The cuts apply across deals, including first-time buyer rates, from 75% LTV up to 95% LTV. The bank is offering a fee-free two-year purchase deal at 4.89%, for example, and a three-year purchase deal at 5.04% with a £495 fee (85% LTV). Coventry building society has reduced all two and three-year fixed rate residential deals for new and existing customers. It has a fee-free two-year fixed rate for purchase at 5.12% (90% LTV). The lender has also cut rates on selected five-year buy-to-let fixed rates for remortgage. Skipton building society has also cut the cost of fixed rate deals across its range by up to 0.32 percentage points. Its two-year fixed rate for remortgage borrowers with 10% equity in their home (90% LTV) is cut from 5.35% to 5.06% with a £495 fee. The mutual is also offering a fee-free two-year purchase fixed rate at 5.68% (95% LTV) with £1,000 paid in cashback on completion. Halifax for Intermediaries, which offers deals exclusively through brokers, has cut the cost of some fixed- rate remortgage deals by up to 0.16 percentage points, while other deals have increased by up to 0.14 percentage points. The same changes also apply to its product transfer range for existing customers. The lender is now offering a two-year fixed rate deal for remortgage priced at 4.36% (60% LTV) with a £999 fee, and a five-year equivalent deal at 4.28%. Halifax also offers a range of 18-month fixed rate deals for remortgage, starting at 4.11% with a £1,499 fee. NatWest has increased selected deals for new borrowers by up to 0.14 percentage points across residential and buy-to-let deals. Its five-year fixed rate for residential purchase (75% LTV) is now at 4.58%. Barclays has increased selected purchase and remortgage deals by up to 0.12 percentage points. Affected deals include its Barclays Premier five-year fixed rate for homebuyers which has been hiked from a competitive 3.99% up to 4.11%. The deal, which is available exclusively to Premier banking customers with a 40% cash deposit, charges a £899 product fee. For other customers, Barclays is now offering a two-year fixed rate for purchase at 4.8% with an £899 (90% LTV) and a five-year deal at 4.12% with the same fee at 60% LTV. For remortgagers, the bank is offering a five-year fixed rate at 4.97% with a £999 fee, available to borrowers with at least 15% equity in their home (85% LTV). Virgin Money, owned by Nationwide building society, has increased selected five-year fixed rates for purchase and remortgage by up to 0.14 percentage points. Selected five-year product transfer fixed rates have been increased by up to 0.1 percentage points. The lender is offering a five-year fix for remortgage at 4.35% with a £995 fee (75% LTV) or a fee-free option at 4.47%. These deals have both increased by 0.08 percentage points. Buy-to-let borrowing surged at the end of 2024, according to the latest data from banking trade body UK Finance. Its figures show 52,648 BTL loans (a total of £9.6 billion) were advanced between October and the end of December (Q4) last year – a rise of 39.2% on the same period in 2023. Average BTL investment yield (rental income relative to the property's value) has risen to 7% (Q4 2024) compared to 6.7% for Q4 2023. Free Mortgage Advice is a 5-star Trustpilot rated online mortgage adviser that can help you find the right mortgage - and do all the hard work with the lender to secure it. *Your home may be repossessed if you do not keep up repayments on your mortgage. Compare Mortgages March 27: Santander, NatWest And TSB Among Lenders To Announce Changes Lenders are repositioning their fixed rate offerings as the Bank of England kept interest rates on hold at 4.5% last week (20 March), writes Jo Thornhill. Santander cut selected purchase fixed rates by up to 0.15 percentage points effective from tomorrow (28 March). But some five-year purchase and remortgage fixed rates, for borrowers with between a 10% and 40% deposit will be increased by up to 0.09 percentage points. Selected buy-to-let (BTL) fixed rates for new and existing borrowers will also be reduced by up to 0.1 percentage point. The bank's new rates and deals for residential and BTL borrowing will be unveiled tomorrow. NatWest has made reductions of up to 0.1 percentage points across its purchase and remortgage deals for new customers, but selected five-year fixed rate deals have increased by up to 0.03 percentage points. Among the deals which have seen a cut are a fee-free two-year fixed rate for buyers with a 5% cash deposit (95% LTV) at 5.13%, and a five-year purchase rate for those with a 15% deposit (85% LTV) at 4.42% with a £995 fee plus £250 cashback paid on completion. HSBC has launched a range of buy-to-let deals for its Premier banking customers. The two- and five-year fixed rate deals are available to those buying or remortgaging at between 60% loan to value (LTV) and 80% LTV. The lender is offering a two-year Premier fixed rate for BTL purchase at 4.29% with a £1,999 fee (60% LTV), or an equivalent five-year deal at 4.24%. To be eligible for an HSBC Premier account you must have either an annual income of £100,000 or more (paid into the account) or £100,000 or more in savings or investments with the bank. HSBC has also reduced the amount of cashback paid on completion of a range of its residential mortgage deals, including first-time buyer, home mover and remortgage deals. TSB has cut selected two and five-year fixed rate BTL deals for new and existing customers by up to 0.2 percentage points (effective from tomorrow, 28 March). Virgin Money, the brand owned by Nationwide building society, is making cuts of up to 0.15 percentage points across selected purchase and remortgage deals, as well as reducing the cost on a number of BTL deals in its range. Product transfer deals for existing residential borrowers have also been cut by up to 0.12 percentage points. The lender's two-year fixed rates for residential purchase now start at 4.37%, while five-year deals start at 4.24% (65% LTV). Clydesdale Bank, also owned by Nationwide building society, has tweaked down the cost of borrowing on selected two-year residential purchase fixed rates, available through brokers, by 0.05 percentage points. Its two- and five-year fixed rates for professionals (such as doctors and dentists) have been cut by up to 0.37 percentage points (65% LTV up to 80% LTV), while deals at 90% LTV for newly qualified professionals have been cut by 0.03 percentage points. Principality building society has cut selected fixed rates by up to 0.35 percentage points, while increasing other deals by up to 0.12 percentage points. The mutual lender is offering a two-year fixed rate for remortgage at 4.25% with a £1,499 fee (65% LTV). It has a two-year fixed rate, also for remortgage, at 5.11% with an £895 fee (85% LTV). Family building society has made a range of changes to its mortgage deals, including reducing some fixed rates by up to 0.1 percentage points while increasing the cost of others by up to 0.15 percentage points. It has also cut selected two-year BTL deals by up to 0.1 percentage points. It is offering a two-year fixed rate for purchase at 5.14% with a £999 fee. The mutual lender has also increased the amount it will lend on a joint borrower sole proprietor basis up to £1 million. Marsden building society has launched a five-year fixed rate deal for home buyers and remortgage customers who have a 5% cash deposit or equity in their home (95% LTV) at 4.99%. The deal has no product fee. United Trust Bank, the specialist lender, has cut selected BTL deals by up to 1.76 percentage points. Its two-year fixed rates for standard buy-to-let now start from 5.69%, and equivalent five-year deals start from 4.99%. For holiday let purchase two-year rates start from 5.89% and five-year deals now start from 5.94%. These deals all have a 5% fee and require a 35% deposit or equity. Accord, the lending brand owned by Yorkshire building society, has launched a range of first-time buyer deals paying cashback of up to £6,250, to combat the increase in stamp duty many borrowers will face from 1 April. The nil rate band for stamp duty is set to fall from £425,000 to £300,000 for first-time buyers, when buying a property up to £500,000. The Accord deals, available through brokers, are fee-free five-year fixed rates, which start from 5.19% (for buyers with a 10% deposit). Deals are available up to 95% LTV, or up to 90% LTV for new builds. Cashback of £2,500 is paid on property purchase up to £300,000, and then tiered up to a maximum of £6,250 on property purchase of £500,000. David Hollingworth at mortgage broker L&C Mortgages said: 'Lenders remain highly competitive and continue to make small adjustments to improve rates wherever they can. 'That trend looks likely to continue so it's unlikely to result in any major drops in rates. But mortgage rates should remain relatively stable in the near term.' Free Mortgage Advice is a 5-star Trustpilot rated online mortgage adviser that can help you find the right mortgage - and do all the hard work with the lender to secure it. *Your home may be repossessed if you do not keep up repayments on your mortgage. Compare Mortgages March 19: Market Expects Bank Of England To Hold At 4.5% NatWest Bank is cutting selected purchase and remortgage fixed-rate deals by up to 0.24 percentage points, while Halifax is trimming selected two and three-year fixed rates for home purchase but increased equivalent five-year deals, writes Jo Thornhill. Other lenders have made similar adjustments to their fixed-rate offers ahead of tomorrow's decision on interest rates by the Bank of England (due at 12 noon on 20 March). Among its new deals, NatWest is offering a fee-free purchase rate at 4.8% for borrowers with a 10% cash deposit (90% loan to value). There is £250 cashback on completion. It is also offering a fee-free two-year fixed rate for remortgage at 4.72% (75% LTV), which also pays £250 cashback. Halifax is cutting selected two and three-year fixed rates by up to 0.15 percentage points, but it has increased selected five-year fixed rates by up to 0.11 percentage points. The new rates and deals will be live from tomorrow (20 March). Nationwide building society has lowered the cost of selected fixed rate deals by up to 0.26 percentage points for borrowers with a smaller deposit or equity in their home (effective from 21 March). The rate reductions apply on two, three and five-year fixed rates for purchase and remortgage between 80% and 95% loan to value. The new deals include many rates priced under 5% even for those with the smallest cash deposits. For example, the mutual lender is offering a five-year fixed rate for homebuyers with a 5% deposit (95% LTV) at 4.99% with a £999 fee. The same deal at 90% LTV is now 4.57%. The two-year purchase fixed rate for borrowers with a 10% deposit (90% LTV) has also dropped to 4.99%, but this deal is fee-free. Virgin Money, owned by Nationwide building society, has cut a range of residential and buy-to-let deals, available through brokers, for new and existing customers, including its shared ownership new build products. It is offering a five-year fixed rate for purchase for borrowers with a 20% deposit (80% LTV) at 4.31% and has a product transfer deal (for existing customers wanting a new deal) at 4.04% (65% LTV) with a £1,995 fee. Clydesdale Bank, also owned by Nationwide, has lowered selected residential deals, available through brokers, by up to 0.35 percentage points. It is offering a two-year fixed rate for remortgage at 4.42% with a £1,499 fee for borrowers with 25% equity in their property. Gen H, the specialist lender targeting first-time buyers, has launched a new product to help get more borrowers onto the property ladder. Its New Build Boost mortgage is available to those buying a new build home through the housebuilder Persimmon Homes (120 different sites across England), and who have a 5% cash deposit. Gen H will lend a mortgage on an 80% loan to value basis, lending an interest-free equity loan for the difference up to 95% LTV. The five-year fixed rate deal, priced at 6.49%, has a £999 fee. Accord, the buy-to-let lender owned by Yorkshire building society, has cut selected fixed-rate and tracker deals across its landlord range by up to 0.15 percentage points. It is offering a three-year fixed rate at 4.59% for BTL purchase or remortgage (65% LTV) with a £995 fee and £250 cashback. Its two-year fixed rate for remortgage is now 4.54% with a £1,995 fee (75% LTV). Laith Khalaf at AJ Bell said the prospects for interest rates remain uncertain: 'Markets are pricing-in little chance of a rate cut at the next Bank of England meeting, though two more rate cuts are currently expected by the end of the year. 'However, there are substantial risks to this outlook. The latest inflation reading for January came in hot and the macro-economic situation is volatile as Donald Trump's trade policies threaten to unleash a global trade war, which could damage growth and push up inflation. 'The Spring Statement in the UK may also contain some tax and spending decisions which influence the interest rate committee one way or another. In April we will see the chancellor's national insurance and minimum wage hikes come into effect which could also serve to increase prices for consumers, thereby making the Bank of England wary of cutting rates. 'At the last vote, two members wanted to cut rates to 4.25%, which shows some willingness to stimulate the economy in the face of rising inflation. While we may not get a change in interest rates at this forthcoming meeting, the commentary and voting record will still be instructive as to the mood enveloping Threadneedle Street.' Free Mortgage Advice is a 5-star Trustpilot rated online mortgage adviser that can help you find the right mortgage - and do all the hard work with the lender to secure it. *Your home may be repossessed if you do not keep up repayments on your mortgage. Compare Mortgages 13 March: Market Prepares For Bank Rate Decision Next Week Major lenders including HSBC, Barclays, Santander and TSB have reduced the cost of fixed-rate borrowing ahead of next week's interest rate decision from the Bank of England, writes Jo Thornhill. HSBC has cut selected deals for purchase and remortgage by up to 0.2 percentage points, while Barclays has reduced the cost of deals for larger mortgages (£2 million or more) by up to 0.25 percentage points from 14 March, and also lowered rates across its product transfer range for existing borrowers by up to 0.14 percentage points. Santander has cut rates for new and existing residential and buy-to-let customers by up to 0.25 percentage points, while TSB has cut selected fixed rates for new and existing customers by up to 0.15 percentage points (both reductions effective 14 March). At the same time, TSB has increased selected five-year fixes on deals up to 75% loan to value by 0.05 percentage points. The Bank of England's monetary policy committee (MPC), which meets 10 times a year to decide the level of the benchmark Bank Rate, will meet on Thursday 20 March. It voted to cut the Bank Rate, which influences mortgage and other loan rates, from 4.75% to 4.5% in February. But market-watchers expect it remain on hold next week in response to the rise in inflation to 3% in January, up from 2.5% in December 2024. The inflation figures for February are expected on 25 March. Nick Mendes at broker John Charcol says the latest round of cuts reflects growing competition, with lenders looking to retain existing customers, rather than an expectation that Bank Rate will fall: 'With an estimated 1.8 million people coming off low pandemic-period fixed rates and lenders aiming to retain existing clients and secure new ones, this has led to several high street lenders repricing downwards across the loan to value (LTV) brackets.' HSBC is now offering a two-year fixed rate for home purchase at 4.12% with a £999 fee. The five-year equivalent drops to 4.07%, also with a £999 fee (both deals require a 40% cash deposit). Rates have also been cut at higher LTV ratios. For buyers with a 10% deposit (90% LTV), HSBC's rate is now at 4.85% with a £999 fee, or 4.61% over five years with the same fee. Barclays has a two-year fixed rate for purchase or remortgage at 4.21% for loans of £2 million or more, while five-year equivalent deals start from 4.28% (both deals at 60% LTV). Santander and TSB will unveil their respective new rates and deals tomorrow (14 March). HSBC, Barclays and Santander are among a small number of lenders offering fixed rates at under 4% (see story below), although these rates generally come with conditions or high fees. For example, HSBC Premier customers, who must have annual income or savings of at least £100,000, can get a rate of 3.98% on a five-year fix with a £999 fee. Round-up: What else is happening? The Mortgage Works, the buy-to-let lender owned by Nationwide building society, has cut selected fixed rate deals for landlords by up to 0.3 percentage points, effective from 15 March. It has a two-year fixed rate deal for purchase or remortgage at 3.24% with a 3% fee for borrowers 35% equity or more in their BTL property. Aldermore, the specialist lender for borrowers with lower credit scores, has cut rates by up to 0.7 percentage points across its higher LTV range for both new and existing residential borrowers. It is offering a two-year fixed rate for new customers with a 5% deposit (95% LTV) at 6.54% with a £999 fee. Equivalent five-year rates at 95% LTV have been cut by 0.7 percentage points from 6.69% to 5.99%. For existing customers, the lender is offering deals at 80% LTV from 6.19%, also with a £999 fee. Nottingham building society has launched two five-year fixed-rate mortgage deals, available through brokers, which pay £2,500 or £5,000 cashback on completion. The lender says the fee-free deals are aimed at homebuyers who will be hit with higher stamp duty costs from 1 April, when the nil rate band thresholds will be lowered. For buyers with a 25% cash deposit (75% LTV), the rate on offer is 5.28% with £2,500 cashback, while the other deal for those with a 10% deposit (90% LTV) has a rate of 6.15% and pays £5,000 cashback. Free Mortgage Advice is a 5-star Trustpilot rated online mortgage adviser that can help you find the right mortgage - and do all the hard work with the lender to secure it. *Your home may be repossessed if you do not keep up repayments on your mortgage. Compare Mortgages 5 March: Cheapest Fixes On The Market Come With Restrictions Or High Fees Barclays has slashed the cost of selected fixed rate mortgages by up to 0.48 percentage points. The latest move brings the lender's lowest rate for purchase down to a market-leading 3.96%, writes Jo Thornhill. However, the 'Green Home' mortgage deal is restricted to purchases of energy-efficient new-build homes bought directly from the builder or developer. It also requires a deposit of at least 40% and charges a £899 product fee. In comparison, Barclays' equivalent five-year fixed rate for general purchase – with the same deposit and fee – has been pegged down to 4.06% from 4.09%. The lender's deepest reduction applies to its fee-free two-year fixed rate purchase deal at 90% loan to value (LTV) which has been cut from to 4.93% from 5.41%. Barclays has also increased its maximum loan amounts for buyers with only a 10% deposit. For houses, loans of up to £640,000 are available compared to the previous limit of £570,000. On the purchase of flats the maximum loan has been lifted to £310,000 from £275,000. Five major lenders – Barclays, HSBC, Lloyds, Santander and Nationwide building society – now offer deals for new customers priced under 4%. But these deals come with either strict eligibility criteria or high fees. With the HSBC and Lloyds deals for example, borrowers need to be Premier banking customers or have a packaged bank account with the lender. And while Santander is offering two- and five-year fixed rates for purchase and remortgage at under 4%, the fees are £1,999 for purchases and £1,749 for remortgages. David Hollingworth, associate director at mortgage broker L&C Mortgages, said: 'It is good news to see some rates edging below the 4% mark. Lenders are competing hard and taking any opportunity to pass on improved funding costs but these are often small tweaks and it doesn't look to be signalling a collapse in rates.' What else is happening? Here's a round up of cuts made by other lenders also effective from today (5 March). Halifax has cut rates by up to 0.14 percentage points on selected two-year fixed rates for buyers with small deposits of 5% or 10%. Among the new deals is a two-year fix priced at 4.87% with a £999 fee available up to 90% loan to value. The lender, the UK's largest, has also announced fixed rate cuts of up to 0.25 percentage points for remortgagers, and up to 0.31 percentage points for existing customers, both effective from tomorrow (7 March). NatWest has increased the cost of selected fixed-rate residential deals, while reducing the cost of others (from 6 March). Among the rate cuts is a two-year fee-free deal for home purchase, which falls from 4.46% to 4.41% (60% LTV). A small number of deals are rising by up to 0.08 percentage points, including a five-year fix for purchase for those with a 10% deposit (90% LTV), which goes up from 4.67% to 4.74%. It has a £995 fee. TSB has cut selected fixed rate deals for new and existing customers by up to 0.1 percentage points. Among its lowest rates is a 3.99% two-year fixed rate deal for existing customers looking for a new deal with the lender. Customers must have at least a 40% deposit and pay a £1,495 product fee. Clydesdale Bank, a lending brand owned by Nationwide building society, has cut selected two and five-year fixed rates by up to 0.12 percentage points, and selected buy-to-let rates by up to 0.21 percentage points. MPowered Mortgages has cut its two and three-year fixed rate deals for home purchase. Two-year deals now start from 4.29%, while the three-year rates start from 4.12%, these rates apply to 60% LTV borrowing and come with a £999 fee. Skipton building society has cut the rate on its 100% loan to value Track Record mortgage for first-time buyers. The rate on the fee-free five-year deal has been lowered from 5.52% to 5.49%. Find out more about this deal on our first-time buyer hub page. Virgin Money, the lending brand owned by Nationwide building society, has reduced selected fixed rate deals for residential and buy-to-let borrowers, effective 6 March. Among the cuts, the lender has cut the cost of its 10-year fixed rate deals by 0.68 percentage points with rates now starting from 4.89%. Gen H has slashed fixed rates across its range by up to 0.14 percentage points for new customers and up to 0.3 percentage points for existing customers looking for a product transfer deal. The specialist lender, which offers innovative deals to first-time buyers, including buying with friends or with a parental guarantee, is offering a five-year fixed rate at 5.36% with a £999 fee in exchange for a 20% deposit. Buyers will be required to use Gen H's legal services to qualify for the deal. Mortgage approvals Net mortgage borrowing jumped by £900 million in January 2025, to £4.2 billion, according to the Bank of England Money and Credit report, published on Monday (3 March). Approvals for remortgage rose by 2,200 to 32,900, the number having fallen for the previous two months. Approvals for home purchase edged down by 300 in January however to a total of 66,200, compared to a rise of 400 in December 2024. The next Bank of England decision on interest rates is scheduled for Thursday 20 March. Free Mortgage Advice is a 5-star Trustpilot rated online mortgage adviser that can help you find the right mortgage - and do all the hard work with the lender to secure it. *Your home may be repossessed if you do not keep up repayments on your mortgage. Compare Mortgages 28 February: Mortgage Costs Edge Down As Swap Rates Fall Nationwide building society has cut the cost of fixed rate deals by up to 0.25 percentage points from today, resulting in a five-year fix priced at 3.99%, writes Jo Thornhill. It means the lender is now one of five offering deals under the all-important 4% mark, joining the ranks of HSBC, First Direct, Barclays and Santander. TSB, Virgin Money and The Mortgage Works – both lending brands owned by Nationwide – Coventry building society, and Principality building society have also all cut rates from today. They follow a string of price reductions seen in the mortgage market over the past week in the wake of falling swap rates on which fixed rate deals are priced. Other lenders to have announced cuts earlier this month include Halifax and NatWest. Mortgage broker Nick Mendes, said: 'Fixed-rate mortgages are continuing to edge lower, mainly due to a notable drop in swap rates, particularly on two- and five-year terms. These have now fallen and remain stable at below 4%, marking a significant shift from last month.' Here's more detail on this week's latest movements in the mortgage market: Nationwide is offering a five-year fixed rate for existing customers looking to switch at 3.99% with a £999 fee. Borrowers require at least 40% equity in their property to be eligible (60% loan to value). The same deal for new remortgage customers carries a higher £1,499 fee. Costs of equivalent two-year fixed rates have fallen to 4.09% with a £999 fee for existing customers, or a £1,499 fee for remortgagers. Both deals are available up to a 60% LTV. Nationwide has also cut the cost of first-time buyer and homemover deals. It is offering a five-year rate of 4.74% for first-time buyers with a 10% deposit (90% LTV) with a fee of £999. The lender's five-year fix for new customers moving home with at least a 15% deposit is now priced at 4.39% with a £999 fee. Virgin Money has cut the cost of selected residential fixed rate mortgage deals for home purchase by up to 0.1 percentage point. It is the lender's second rate reduction in two weeks after it nudged down purchase rates by up to 0.07 percentage points on 18 February. The lender is offering a two-year fixed rate for purchase for borrowers with at least a 10% deposit at 4.88% with a £995 fee (90% LTV), and a fee-free five-year fixed rate for purchase at 5.18% for borrowers with a 5% deposit (95% LTV). Virgin has also cut selected one, two, three, and five-year fixed rates by up to 0.11 percentage points for existing residential customers with a 25% deposit looking to transfer their deal. Costs over five-years start from 4.12% up to 65% LTV. It has also cut selected buy-to-let fixed rates for purchase and remortgage by up to 0.1 percentage point. TSB has cut selected fixed rates for buyers and remortgagers by up to 0.15 percentage points, and buy-to-let fixed rates by up to 0.1 percentage points. The bank's two-year fixed rate for purchasers with a 10% deposit is now priced at 5.54%, with no fee. Coventry building society has lowered selected residential and BTL deals across its range. Among the new rates is a two-year residential fixed rate at 4.38% with a £999 fee (75% LTV). Principality building society has cut rates on selected fixed rates over two, three and five-years, as well as reducing rates across its cashback deals. It is offering a market-leading two year fixed rate for purchase and remortgage at 75% loan to value at 4.29% with a £1,499 fee. The Mortgage Works, the specialist lending arm of Nationwide building society, has cut product transfer rates for existing buy-to-let customers by up to 0.35 percentage points. It is offering a two-year standard BTL fixed rate at 3.59% with a 3% fee (available up to 65% LTV) and an equivalent deal with no fee at 4.89%. The five-year fixed rate for standard BTL borrowing is now priced at 3.94% with a 3% fee (also 65% LTV). The number of buy-to-let mortgage products has hit a record high, according to financial data company Moneyfacts. The total number of deals available, including fixed and variable rates, is now at 3,560. This is the largest number since Moneyfacts began recording buy-to-let data in 2011. Free Mortgage Advice is a 5-star Trustpilot rated online mortgage adviser that can help you find the right mortgage - and do all the hard work with the lender to secure it. *Your home may be repossessed if you do not keep up repayments on your mortgage. Compare Mortgages 7 January: Biggest Reductions Apply To Low-Deposit Deals First Direct has cut rates on more than 100 deals across its new business range by up to 0.3 percentage points, writes Jo Thornhill. It follows cuts by Halifax and Leeds building society late last week (see stories below). The direct-only lender, who doesn't offer deals through mortgage brokers, said its biggest reductions applied to its two-year fixed rate remortgage deal for borrowers with at least 15% equity in their home (85% loan to value). The rate on this deal was cut to 5.04% from 5.34%. It comes with a £490 product fee. First Direct's lowest mortgage rate is a five-year fixed rate deal for home purchase priced at 4.13% with a £490 fee. It is available for those with at least a 40% cash deposit (60% LTV). Existing First Direct customers can secure the same deal at 4.10%. For borrowers with a smaller deposit First Direct is offering a five-year home purchase rate of 4.74% (at 90% LTV), also with a £490 fee. However, in contrast to other lenders cutting rates, Virgin Money has withdrawn selected deals and nudged up the rate on its five-year fixed rate for purchase for borrowers with a 15% deposit (85% LTV) from 4.43% to 4.46%. Broker Nick Mendes at John Charcol said: 'First Direct's decision to reduce mortgage rates is a welcome move for borrowers. It reflects the competitive nature of the market and offers potential savings for first-time buyers, home movers, and those looking to remortgage. 'The substantial reductions in higher-LTV mortgages, such as the 5-Year Fixed Standard at 90% LTV, now priced at 4.74%, will be particularly beneficial for first-time buyers with smaller deposits.' Free Mortgage Advice is a 5-star Trustpilot rated online mortgage adviser that can help you find the right mortgage - and do all the hard work with the lender to secure it. *Your home may be repossessed if you do not keep up repayments on your mortgage. Compare Mortgages 3 January: Move Follows Leeds' Decision To Trim Borrowing Costs Halifax, the UK's largest mortgage lender, has adopted a bullish start to 2025 by reducing the cost of selected remortgage deals by up to 0.35 percentage points, writes Jo Thornhill. It follows cuts to fixed-rate deals for new and existing customers of up to 0.21 percentage points by Leeds building society. Halifax has cut the cost of its 18-month and three-year fixed rates for remortgage. The 18-month deal, launched in November 2024, is reduced from 4.37% to 4.22% (at 60% loan to value) and from 4.62% to 4.39% (at 75% LTV). This deal has a £1,499 fee. Halifax's fee-free remortgage three-year fix at 60% LTV is down 0.01 percentage points to 4.41%, while the equivalent deal with a £999 product fee has been reduced by 0.05 percentage points to 4.18%. The equivalent three-year remortgage deals at 80% LTV up to 90% LTV have been cut by between 0.04 percentage points and 0.11 percentage points. There are no rate cuts at 75% LTV. The bank is offering a three-year fix at 4.73% with a £999 fee at 80% LTV. Among the new deals offered by Leeds building society is a two-year fix for purchase or remortgage at 4.15% (65% LTV) with a £1,499 fee. The lender also has a five-year fixed-rate deal for home purchase, for borrowers with a 10% deposit (90% LTV), at 4.89% with no product fee. Borrowing for home purchase and remortgages to a new lender both dipped in November 2024, compared to the previous month, according to the latest data released in the Bank of England's Credit and Money Report. Mortgage approvals for house purchase fell by 2,400 to 65,700, while remortgage activity dropped by 300 to 31,200 in total. But the Bank says both figures remain above the 12 month average – at 60,400 and 30,000 respectively. Mark Harris, chief executive at mortgage broker SPF Private Clients, said: 'Mortgage approvals for new purchases slipped, which comes as a surprise and suggests ups and downs for the market in coming months rather than a steady improvement. 'Remortgaging numbers dipped very slightly, but this could mean more borrowers stuck with their existing mortgage providers rather than switching to a new lender. 'The effective interest rate paid on new mortgages decreased again to 4.5% as lower pricing at the time is reflected in the official figures. With a number of lenders cutting rates this week, this may dip further in coming months if others follow suit.' Free Mortgage Advice is a 5-star Trustpilot rated online mortgage adviser that can help you find the right mortgage - and do all the hard work with the lender to secure it. *Your home may be repossessed if you do not keep up repayments on your mortgage. Compare Mortgages 12 December: Santander, Halifax, Barclays, Virgin, And TSB All Announce Cuts To Fixed Rates Santander, Halifax, Barclays, Virgin Money, TSB and Yorkshire building society are among lenders taking a knife to fixed rate mortgage deals this week as swap rates – the rate at which banks lend to each other in the wholesale markets – have edged downwards, writes Jo Thornhill. Swap rates, which are a major influence on fixed rate mortgage pricing and therefore deals available to borrowers, had risen slightly following the Autumn Budget due to market fears over government borrowing and spending. But in recent days the rates have started to fall back prompting many major lenders to announce cuts. Santander has reduced selected residential fixed rates across its purchase and remortgage deals by up to 0.23 percentage points. At the same time the bank's deals for new build purchase have been cut by 0.16 percentage points and rates for larger loans (£250,000 or more) have been lowered by 0.1 percentage point. The lender's buy-to-let deals have also been lowered in cost by up to 0.16 percentage points. The bank has also announced it is adding £250 cashback on completion to all residential purchase mortgage deals at 85% loan to value or higher (where the borrower has a 15% deposit or less). Santander is now offering a two-year fixed rate for residential remortgage priced at 4.3% (60% loan to value) and an equivalent five-year remortgage deal at 4.17% (also 60% LTV). Both deals come with a £999 fee. Halifax, the UK's largest mortgage lender, has also confirmed it is cutting rates on two and five-year fixed rate deals for residential home purchase for borrowers with a 10% deposit (90% LTV), effective from tomorrow (13 December). Its five-year purchase deal at 90% LTV is now 4.74% with a £999 fee. Barclays has lowered the rates on its five-year fixed rate residential purchase and remortgage products by up to 0.14 percentage points. The lender is offering a five-year purchase deal priced at 4.11% with an £899 fee, for buyers with at least a 40% cash deposit. The bank is also offering a five-year fixed remortgage deal at 4.25% with a £999 fee for borrowers with at least 25% equity in their home (75% LTV). Virgin Money is cutting the cost of selected residential purchase rates by up to 0.22 percentage points, including some shared ownership and Own New rates for first-time buyers. Its rates start from 4.37% for a two-year fixed rate at 65% LTV with a £995 fee. The five-year equivalent deal is at 4.24%. TSB has cut fixed rates by up to 0.4 percentage points across its residential new business range and product transfer deals for existing customers. Among its changes, the bank has reduced three-year fixed rate purchase deals by up to 0.22 percentage points and five-year equivalent purchase deals by up to 0.15 percentage points. The lender's two-year fixed rates for purchase now start from 4.37% (at 60% LTV) with a £995 fee, with equivalent five-year purchase deals starting from 4.34% (also 60% LTV). Yorkshire building society (YBS) has pegged down selected fixed rates across its range by up to 0.27 percentage points. Among its new offers is a two-year fixed rate for remortgage at 4.66% for borrowers with at least 25% equity in their home (75% LTV). There is a £495 fee and £250 cashback on completion. Accord, the specialist lending brand owned by YBS, has cut selected residential and buy-to-let rates, by up to 0.1 percentage point. It follows cuts by the lender of up to 0.3 percentage points less than a week ago. Among its new deals Accord is offering a fee-free two-year fix for residential purchase at 5.09% at 75% LTV. The deal pays £500 cashback on completion. Principality building society has cut selected mortgage rates, while increasing the cost of some deals. The mutual lender has reduced selected residential fixed rates over two, three and five-years, by up to 0.13 percentage points. However, its five-year fixed rate deals for borrowers with just 10% equity in their property have been increased by 0.05 percentage points. Free Mortgage Advice is a 5-star Trustpilot rated online mortgage adviser that can help you find the right mortgage - and do all the hard work with the lender to secure it. *Your home may be repossessed if you do not keep up repayments on your mortgage. Compare Mortgages 5 December: Yorkshire Cuts Rate On First-Time Buyer Deal NatWest and HSBC are cutting the price of selected fixed-rate mortgage deals, suggesting competition is persisting in the run-up to Christmas, writes Jo Thornhill. The moves follow rate reductions by Barclays last week (see stories below), Wholesale interest rates, which influence fixed mortgage rates, have stabilised after rising in the weeks following the Autumn Budget. Many lenders are now adjusting their mortgage pricing down, albeit with relatively modest rate reductions. NatWest has cut selected residential and buy-to-let fixed rates effective from tomorrow (6 December). Its two-year residential deal for home purchase, for borrowers with at least 40% cash deposit (60% loan to value), is down from 4.37% to 4.32% with a £999 fee. The same deal for borrowers with at least 25% deposit is down from 4.59% to 4.49%. HSBC has cut rates on selected residential and buy-to-let (BTL) deals. It is offering a five-year fixed-rate deal at 4.19% for remortgage (60% LTV) with a £999 fee. Its two-year equivalent deals now start from 4.44%. Coventry building society has cut selected fixed rate deals, available through brokers, by up to 0.26 percentage points. The lender has also reduced rates on BTL deals by up to 0.25 percentage points. It is offering a fee-free two-year fixed rate for residential purchase for buyers with at least a 35% cash deposit Accord, part of Yorkshire building society, has cut selected residential and BTL fixed rates, available through brokers, by up to 0.3 percentage points. The lender has cut the rate of a two-year fixed BTL purchase deal, for borrowers with a 20% cash deposit, from 5.89% to 5.54%. There is a £995 fee. Among its residential fixed rate changes, Accord has cut the rate on its flagship first-time buyer product, the £5k deposit mortgage, from 5.79% to 5.74%. This deal, which is fee-free, is available to customers through brokers and direct from Yorkshire building society. Gen H has cut selected deals for first-time buyers by up to 0.25 percentage points including fixed rates at 90% and 95% LTV. It is offering a five-year fixed rate at 5.6% for borrowers with a 10% cash deposit. There is a £1,499 fee. But high street lender TSB has pushed up the cost of its two and five-year fixed rates by up to 0.1 percentage points at higher loan to value ratios. Its first-time buyer five-year fixed rates at 90% loan to value now start from 4.94% with a £995 fee or at 5.04% with no fee. Clydesdale Bank, part of Virgin Money, has also increased rates on selected residential mortgage deals for borrowers with up to a 10% deposit or equity (95% LTV and 90% LTV). Its fee-free five-year purchase rate at 95% LTV has risen by 0.3 percentage points to 5.54%, while the equivalent deal with a £999 product fee rises 0.1 percentage points to 5.29%. Nick Mendes at broker John Charcol said: 'Rate cuts by NatWest and HSBC reflect a broader trend among lenders capitalising on a period of stability in [wholesale] 'swap' rates following a month of volatility. This volatility was driven by market adjustments to future base rate expectations in light of inflationary pressures highlighted after the Budget. 'Earlier this year, markets had priced in a reduction in the Bank of England Bank Rate beginning in February, with a total of five cuts in 2025. However, this has now moderated to expectations of three to four cuts at most. 'As markets settled lenders such as HSBC, Barclays and NatWest have been quick to reprice and ensure any last opportunities to win business in 2024 are taken before demand typically slows for the festive season.' Free Mortgage Advice is a 5-star Trustpilot rated online mortgage adviser that can help you find the right mortgage - and do all the hard work with the lender to secure it. *Your home may be repossessed if you do not keep up repayments on your mortgage. Compare Mortgages 29 November: Halifax launches 18-Month Fixed-Rate Deals Santander has increased the cost of selected fixed-rate deals for purchase and remortgage by up to 0.18 percentage points, while Barclays has cut a range of its fixed rates, writes Jo Thornhill. There remains a mixed picture on rates, with some lenders reducing rates as they vie for new business before the year end, and others pushing up costs, typically where they have offered best buys and are looking to limit demand. Santander has been offering two and five-year fixed deals at market leading rates. Its latest rate increase (effective from 28 November) is likely to be a way to manage its business levels. It has also increased new-build fixed rates, plus selected buy-to-let fixed rates by up to 0.13 percentage points. Its product transfer deals, for existing customers looking to switch to a new fixed rate with the bank, are also tweaked upwards by 0.09 percentage points across residential deals and by 0.04 percentage points on its buy-to-let switcher range. Santander is also set to launch a new range of two-year residential purchase fixed rates for borrowers buying property worth up to £250,000. The bank's standard two-year residential remortgage rates now start from 4.3% with a £999 fee (at 60% loan to value), and the equivalent five-year rate is at 4.29%, also with a £999 fee. MPowered Mortgages is cutting three-year fixed-rate deals for residential purchase and remortgage by up to 0.12 percentage points, effective from 5.30pm today (29 November). It follows cuts by the lender to two and three-year rates of up to 0.28 percentage points just two weeks ago, bucking the trend of other lenders who have been increasing rates. The lender is offering a three-year fix for purchase at 4.09% with a £999 fee, for borrowers with at least 40% deposit (60% LTV), with an equivalent fee-free deal at 4.27%. Barclays has cut selected residential fixed rates for purchase and remortgage by up to 0.2 percentage points. Its five-year remortgage deal for borrowers with 40% equity (60% loan to value) is cut to 4.17%, from 4.37%. This deal has a £999 fee. The bank's fee-free two-year fixed rate for purchase for borrowers with a 10% cash deposit (90% LTV) has fallen from 5.49% to 5.39%. While its two-year purchase deal at 75% LTV has dropped to 4.36% with an £899 fee. Swap rates, the rates at which banks lend to each other and which influence fixed-rate mortgage pricing, have dropped slightly in recent days, having risen in the immediate aftermath of the Autumn Budget. Nick Mendes at broker John Charcol said: 'Barclays has made a bold move as the first high street lender to cut mortgage rates in response to recent market changes. 'With swap rates easing over the past couple of days, it's great to see a lender acting quickly to reflect the slightly improving conditions. This could also signal the potential for more repricing across the market if conditions remain stable.' TSB has made a range of rate changes across its residential and BTL products, including increasing rates by 0.15 percentage points on its five-year fixed rates for first-time buyers and movers at 90% and 95% LTV. But at the same time the bank has cut two and five-year buy-to-let fixed rates by up to 0.1 percentage points, for landlords with at least 40% equity (60% LTV). Selected product transfer rates for residential borrowers will also fall by up to 0.15 percentage points. Clydesdale Bank, part of Virgin Money group, is increasing selected residential fixed rate mortgage deals by up to 0.3 percentage points from Monday (2 December). The rate rises will apply to core residential two- and five-year fixed rates at 90% and 95% LTV, including product transfer deals for existing customers looking to switch. The bank's two-year fixed rates for buy-to-let at LTVs of between 60% and 75% will also increase by 0.1 percentage points. Halifax has launched a selection of fixed-rate remortgage deals with an 18-month term, to offer greater flexibility to borrowers. Rates start from 4.37% for borrowers with at least 40% equity in their property. While a homeowner with 20% equity could secure a rate at 5.04%, for example. All deals have a £1,499 product fee. Amanda Bryden, head of mortgages at Halifax Intermediaries, said: 'Brokers have told us that their clients are keen to see more shorter-term products. With this latest launch, we're delivering the certainty of fixed payments balanced with a term that offers more flexibility.' Free Mortgage Advice is a 5-star Trustpilot rated online mortgage adviser that can help you find the right mortgage - and do all the hard work with the lender to secure it. *Your home may be repossessed if you do not keep up repayments on your mortgage. Compare Mortgages 21 November: Mortgage Rates Unlikely To Fall In Short Term NatWest Bank has nudged up the cost of selected fixed rate deals by 0.1 percentage points for new residential borrowers, effective from tomorrow (22 November), writes Jo Thornhill. It follows similar increases to fixed rates this week by Virgin Money and Clydesdale Bank, a lending brand in the Virgin Money group. NatWest's rate increases affect its two and five-year fixed rate deals, including first-time buyer rates, shared equity, Help to Buy and green mortgage products up to 85% loan to value (LTV). The bank's two-year fixed rate for purchase for borrowers with a 40% cash deposit (60% LTV) has been hiked from 4.22% to 4.32% with a £1,495 fee. Costs on the equivalent deal, with a lower £995 fee, rise from 4.37% to 4.59%. The lender's five-year fixed rate for purchase (also at 60% LTV) has risen from 4.19% to 4.29% with a £995 fee. Virgin Money has increased the cost of selected two and five-year fixed rate deals at 85% LTV and 90% LTV by up to 0.15 percentage points, also effective from tomorrow (22 November). A number of its first-time buyer deals, including its Own New scheme and shared ownership mortgage deals will rise in cost. Clydesdale Bank has increased selected residential fixed rates by up to 0.29 percentage points, while selected buy-to-let deals have gone up by 0.3 percentage points. The rate rise affects two and five-year residential fixed rates, available through brokers, for borrowers with 15% deposit or equity or less – plus larger loans and fixed rates for newly qualified professionals (part of Clydesdale's Professional mortgage range). The news on Wednesday this week that inflation jumped in October to 2.3% (up from 1.7% in September) has prompted a number of lenders to reverse the trend of cutting fixed mortgage rates. The last of the sub-4% five-year fixed rates (for borrowers with at least 40% deposit or equity) were pulled from the shelves at the end of last week. And the average two year rate is now at 5.53%, while the average five-year rate is at 5.26%, according to Moneyfacts. This represents a 0.11 percentage point and 0.13 percentage point increase respectively, compared to where average rates were just two weeks ago (at 5.42% and 5.13% respectively). Nick Mendes, broker at John Charcol, commented: 'Following the inflation data this week, I'd expect fixed mortgage rates to continue rising as markets adjust their forecasts on interest rates. Lenders will likely adopt a cautious stance, mirroring the broader market sentiment.' Mr Mendes added that price competition is unlikely to be a priority for lenders as the festive period gets underway. Free Mortgage Advice is a 5-star Trustpilot rated online mortgage adviser that can help you find the right mortgage - and do all the hard work with the lender to secure it. *Your home may be repossessed if you do not keep up repayments on your mortgage. Compare Mortgages 13 November: NatWest and Barclays Raise Costs In Uncertain Market NatWest and Barclays have both made substantial increases to the cost of fixed rate mortgage borrowing as they look to control business volumes, writes Jo Thornhill. Barclays has increased residential and buy-to-let fixed rates by as much as 0.56 percentage points, while NatWest has hiked rates by up to 0.35 percentage points. Both lender increases are effective from tomorrow (14 November). The moves by Barclays and NatWest follow similar increases by a swathe of major lenders in recent days including HSBC, Nationwide building society, Santander, TSB and Virgin Money (see stories below). Rising swap rates, the interest rates at which banks use to lend to each other and which influence fixed mortgage rates for borrowers, have been rising since the Budget on 30 October, due to fears over government spending. Markets now believe that interest rates may not fall as quickly as had previously been predicted. This is despite the Bank of England cutting its benchmark Bank Rate from 5% to 4.75% earlier this month. The recent fixed rate rises by other lenders had left Barclays and NatWest in the best-buy position for a number of mortgage deals which has likely led to a flood of applications from borrowers. Brokers say today's rate increases by both high street lenders are likely due to these banks looking to control their business volumes in uncertain market conditions. NatWest has increased the rate on its best-buy five-year fixed rate deal for residential purchase from 3.84% to 4.14%, for borrowers with at least 40% equity in their home (60% loan to value). There is a £1,495 fee. The same five-year deal with a lower £995 fee goes up from 3.89% to 4.29%, while the fee-free option has risen from 3.99% to 4.29%. The lender's five-year deal for home purchase at 75% LTV with no fee will be increased from 4.09% to 4.44%. Barclays has increased the cost of its best-buy two-year fixed rate for home purchase from 3.99% to 4.33%. The deal, which requires buyers to have a 40% cash deposit (60% loan to value), has an £899 fee. The lender's two-year fixed rate for remortgage at 4.03%, which was also a best-buy at 60% LTV, is increased to 4.37%. There is a £999 fee. Barclays two-year fixed rate for residential purchase for large loans has gone up by 0.56 percentage points from 4.38% to 4.94%. This is for buyers with at least 15% cash deposit (85% LTV) and there is a £1,999 product fee. Nick Mendes at broker John Charcol commented: 'Both NatWest and Barclays' rate adjustments reflect the broader trend of rising costs in the lending market, influenced by ongoing economic pressures and changes in the interest rate environment.' TSB is increasing selected fixed rate deals effective from 15 November. Its three-year fixed rate deals for residential purchase and remortgage are increased by 0.2 percentage points, while its shared ownership and shared equity deals rise by up to 0.3 percentage points. Selected two and five-year buy-to-let fixed rates rise by up to 0.3 percentage points. The bank's product transfer deals for existing borrowers have also been increased by up to 0.1 percentage points. Virgin Money has increased the cost of a range of its residential purchase deals, available through brokers, by up to 0.2 percentage points, effective from 15 November. It is the bank's third increase this month. Among the rate rises its two- and five-year purchase deals at 85% LTV have increased in cost, with five-year rates starting at 4.59% with a £999 fee. Free Mortgage Advice is a 5-star Trustpilot rated online mortgage adviser that can help you find the right mortgage - and do all the hard work with the lender to secure it. *Your home may be repossessed if you do not keep up repayments on your mortgage. Compare Mortgages 12 November: HSBC, Nationwide and Virgin Follow Santander With Hikes To Fixed Rate Costs A number of major lenders are increasing the cost of fixed rate mortgage deals, following a similar move by Santander (see stories below), as competitive deals are causing a rush of business, writes Jo Thornhill. HSBC is nudging up the cost of a wide range of residential and buy-to-let fixed rates, available direct and through brokers, effective from tomorrow (13 November). Rates will rise on selected two and five-year purchase and remortgage residential deals, as well as two, three, five and 10-year fixed rates on product transfer deals (these are rates available to existing customers looking for a new rate). Nationwide building society is increasing selected fixed rates while reducing rates on other deals. Full details will not be unveiled until tomorrow (13 November), but the mutual lender has confirmed that offers for new customers, as well as existing customers looking to transfer their deal or increase their borrowing, will be affected. Virgin Money has also announced it is increasing selected fixed rate deals for residential purchase and remortgage by up to 0.2 percentage points from tomorrow (13 November) in its second rate hike this month. It is also increasing some buy-to-let fixed rates, by up to 0.2 percentage points, while selected product transfer deals for existing borrowers will rise by up to 0.25 percentage points. TSB has increased rates by up to 0.3 percentage points across selected two- and five-year fixed rate residential purchase and remortgage deals, for first-time buyers and homemovers. At the same time it has hiked selected five-year fixed rate product transfer deals by up to 0.2 percentage points. Broker Nick Mendes at John Charcol says HSBC has been offering close to market-leading deals and that its latest repricing is probably due to the bank looking to control application levels and service standards. He said: 'Other lenders have not been offering such low rates. This has led to an influx of applications for deals with HSBC and other market leaders. This can often stretch service levels, prompting rapid rate changes to manage demand.' David Hollingworth at broker L&C Mortgages commented yesterday: 'Markets are now anticipating that rates may need to remain a little higher for longer and that has pushed up costs for lenders, which has forced fixed rates up. Many lenders have already made increases and those are likely to continue as the market finds its level.' But while some lenders are pushing up fixed rates, other lenders are taking the opportunity to cut rates and grab greater market share. MPowered Mortgages has slashed the cost of its two and three-year residential mortgage rates by up to 0.28 percentage points. The lender is offering a two-year fixed rate deal for home purchase at 4.21% for those with at least a 40% cash deposit (60% LTV) with a £999 fee. Three-year equivalent fixed rates start at 4.19% (60% LTV). Free Mortgage Advice is a 5-star Trustpilot rated online mortgage adviser that can help you find the right mortgage - and do all the hard work with the lender to secure it. *Your home may be repossessed if you do not keep up repayments on your mortgage. Compare Mortgages 11 November: Santander Hikes Fixed Rates Despite Bank Rate Cut Santander has hiked the cost of a wide range of its fixed rate mortgage deals despite the Bank of England cutting interest rates by 0.25 percentage points last week, writes Jo Thornhill. The high street bank has notified mortgage brokers it will raise selected residential fixed rates by up to 0.29 percentage points, and the cost of some buy-to-let (BTL) fixed rates by up to 0.31 percentage points. Santander's new rates and deals will be unveiled and available online, direct and through brokers, from tomorrow morning (12 November). The rises will affect new borrowers as well as existing customers coming to the end of their deal and looking for a new rate with the lender. It follows rate increases by a number of lenders in recent days including HBSC, TSB, and Virgin Money (see stories below). Santander has offered a number of market-leading fixed rates in recent weeks, including the lowest two-year fixed rate for purchase at 3.96% with a £999 fee, for borrowers with at least a 40% cash deposit (60% loan to value). Its equivalent deal for borrowers with a 25% deposit (75% LTV) at 4.09% is also currently among the market leaders. Both deals are expected to rise from tomorrow. Nick Mendes at broker John Charcol said that today's move from Santander was to control business volumes arising from these highly competitive deals: 'Santander had recently reduced its rates and had already priced in the latest Bank Rate reduction, while other lenders, such as Halifax, were increasing costs. 'Santander has no doubt seen a surge in applications from clients looking to secure current rates, putting pressure on its service levels.' David Hollingworth at broker L&C Mortgages said: 'Markets are now anticipating that rates may need to remain a little higher for longer and that has pushed up costs for lenders, which has forced fixed rates up. 'Last week's Bank Rate cut had been expected so was already factored into fixed rates but the forecast has shifted in recent weeks as the potential impact of the Budget on inflation has fed through. Many lenders have already made increases and those are likely to continue as the market finds its level.' The choice of mortgages for borrowers has slipped significantly this month, from 6,645 in October to 6, 405 in November, according to Moneyfacts. It is the biggest monthly fall since July 2023. The average shelf-life of a mortgage deal also fell from 21 days last month, to 17 days in November. Free Mortgage Advice is a 5-star Trustpilot rated online mortgage adviser that can help you find the right mortgage - and do all the hard work with the lender to secure it. *Your home may be repossessed if you do not keep up repayments on your mortgage. Compare Mortgages 6 November: Virgin Money Hikes Fixed Rates On Eve Of Bank of England Decision Virgin Money, part of Nationwide, has increased selected fixed rate mortgage deals on the eve of the next interest rate decision by the Bank of England's influential Monetary Policy Committee, writes Jo Thornhill. TSB has also increased the cost of selected fixed rate deals, while cutting the cost of borrowing for other customers. Market experts are predicting the central bank will cut its benchmark Bank Rate from 5% to 4.75% when the MPC meets tomorrow following a sharp fall in inflation last month to 1.7%, from 2.2%. But despite the expectations around Bank Rate, a number of mortgage lenders have been repricing their fixed rates upwards in recent days and weeks. Brokers say much of this activity is largely about lenders controlling their business volumes and adjusting to swap rates (interest rates used by banks in the wholesale markets), which have ticked up slightly since the Budget on 30 October. Virgin Money has increased selected residential purchase and remortgage rates, buy-to-let deals and product transfer rates (for existing borrowers) by up to 0.2 percentage points, effective from 8pm today (6 October). The bank is increasing selected residential purchase fixed rates from 70% loan to value (LTV) up to 95% LTV, as well as a number of fixed remortgage rate deals from 75% LTV up to 90% LTV. Its product transfer deals will increase by up to 0.1 percentage points, with five-year fixed rates now starting from 3.99% (60% LTV). At the same time Clydesdale Bank, which is the lending brand owned by Virgin Money, has increased selected purchase fixed rates by up to 0.32 percentage points. Its two and five-year remortgage fixed rates at 75% LTV will be increased by up to 0.20%. Deals are available exclusively through brokers. TSB has increased its five-year fixed rate deals for residential purchase at 60% LTV by 0.1 percentage points from tomorrow (7 November). But the bank has also cut selected two- and five-year fixed rates for first-time buyers and homemovers (for those with at least a 10% cash deposit), as well as its two-year fixed rate remortgage deals at between 60% LTV and 80% LTV, by 0.15 percentage points. Free Mortgage Advice is a 5-star Trustpilot rated online mortgage adviser that can help you find the right mortgage - and do all the hard work with the lender to secure it. *Your home may be repossessed if you do not keep up repayments on your mortgage. Compare Mortgages 4 November: Rate Cut Still Widely Expected On Thursday HSBC has increased the cost of a wide range of its fixed rate deals for new and existing customers, writes Jo Thornhill. It follows a string of other major lenders to make hikes and other adjustments after last week's Budget announcement. Among HSBC's rate rises, effective from tomorrow (5 November), it is increasing selected residential purchase and remortgage rates, including deals for first-time buyers – plus product transfer deals available to existing borrowers. However, a small number of rates have also been cut by the high street bank, including its two-year fixed deals for purchasers with deposits of between 10% and 25%. Its two-year product transfer deals available at a 40% deposit have also been cut. David Hollingworth at mortgage broker London & Country Mortgages said: 'The expectation appears to be that interest rates may have to remain a little higher for longer than previously anticipated. This is pushing up costs for lenders. 'That volatility has initially been most evident in rate withdrawals from smaller and more specialist lenders but is now feeding through to bigger, mainstream lenders.' Swap rates have settled in recent days, although they are higher than prior to last week's Budget on 30 October. Swap rates are the interest rates banks use to lend to each other in the wholesale markets, but which influence fixed mortgage rates for consumers. Latest lender movements Recent rate changes across the market reflect a mix
