Mortgage Lenders Announce Rate Reductions

HSBC and Co-operative Bank have both announced rate reductions, with other big name lenders including Barclays and Coventry Building Society cutting rates over the past week.

HSBC changes which come into effect today are widespread, with a number of 2 and 5 year Fixed rate products reducing across their loan-to-value ranges. These are for both new and existing mortgage customers, priced competitively to current market leading rates.

The Co-op reductions focus more specifically on 2 and 3 year Fixed products, with purchase rate reductions of up to 0.26% coming into effect from 17/04. Select remortgage products will be down by up to 0.18% and BTL 0.10%.

Barclays and Coventry Building Society are now both offering 2 year Fixed products below 4%, which will be welcome news for borrowers. Santander will join them from tomorrow (17/04) with 2 and 3 year Fixed rates below 4% at 60% LTV. The most competitive products are unsurprisingly around lower loan-to-value brackets, however first-time-buyers are also finding better value with sub 5% rates at 90% LTV now widely available amongst lenders.

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