Lenders Make Rate Reductions Ahead Of Base Rate Announcement

A number of lenders have reduced rate offerings in the run up to this week's interest rate announcement. Economists are predicting that the Bank of England will reduce the base rate to 4% on Thursday, the lowest since February 2023.

HSBC changes, in effect from today, see reductions across a number of 2 and 5 year Fixed rates for first time buyers at varying loan to value brackets. These changes mean the lender now has a number of market leading rates for FTBs on both product ranges. 2 year Fix remortgage rates have also been cut at 70% and 75% LTVs.

TSB have cut purchase and first time buyer rates by 0.05% at 75% to 95% LTVs. Their remortgage rates have reduced across select 2, 3 and 5 year products by as much as 0.20% and are now starting from 3.89%.

Coventry reduced all Fixed rate products as of 01/08, this includes both new and existing customers across residential and BTL ranges. Halifax announced select Fixed rate reductions from last Friday as well, following up with reductions to existing customer products on Monday this week.

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