Barclays, NatWest, Santander and TSB are among the latest lenders to cut interest rates this week in a major wave of repricing.
Barclays logo on the building. Glasgow, United Kingdom.
NatWest is making cuts of up to 31 basis points, Santander by 21 basis points, TSB by 20 basis points and Barclays by 13 basis points.
Other lenders that cut rates include Molo, by up to 53 basis points.
Meanwhile, Kensington is making more modest cuts, cutting some buy-to-let deals by up to 10 basis points.
The sharpest cuts made by NatWest are to the 75% LTV fixed two-year Help to Buy shared share remortgage with no fees and £500 cashback, which will fall by 31 basis points to 4.99%.
The two-year no-fee remortgage rate at the same LTV will also fall by 31 basis points to 4.84%.
In Santander’s sweeping repricing, which takes effect tomorrow, the biggest cuts will be on select first-time buyer fares.
The LTV ratio is fixed at 60% for two years with a £999 fee and £250 cashback reduced by 21 basis points to 4.44%.
The lender is also reducing a first-time buyer’s 95% fixed deal for three years with no fees and £250 cashback by 19 basis points to 5.3%.
For home conveyancing, the two-year 60% LTV fix with £1,499 fee and £250 cashback will fall by 18 basis points to 4.32%.
Molo Finance is also running deep discounts on some of its specialist deals for international borrowers.
Even more severe is the five-year non-resident reforms, with interest rates falling by 53 basis points and now starting at 6.07%.
The TSB repricing, which takes effect today, includes cuts of up to 20 basis points to the two-, three- and five-year procurement reforms.
Barclays is reducing select three-year fixed remortgage products by up to 13 basis points, along with cuts of up to 10 basis points across select purchases and Green Home products.
Trinity Financial’s director of products and communications, Aaron Strut, highlights Barclays Green Home’s five-year fixed interest of 4.23% with a fee of £899 at 60% LTV as particularly competitive.
The rate has been reduced from 4.33% previously.
Strutt points out that the price is now below Nationwide Building Society’s five-year best buyout rate of 4.31%.
However, the discounted Barclays product can only be used to purchase new homes with an A or B energy rating.
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