Good news as High Street borrowers cut rates once again

There was good news over the weekend as rates reductions announced late last week kicked in.

Barclays has cut a number of five-year fixes including its £999 product fee fix at 60% LTV from 4.47% to 4.34%. HSBC has cut  its residential and buy-to-let rates while TSB has also reduced with two and five year fixes for purchases reduced by up to 0.10%.

Mark Harris, chief executive of mortgage broker SPF Private Clients, says: “This latest round of mortgage rate reductions from some big lenders is great news for borrowers.

“They come on the back of a decline in Swap rates, which underpin the pricing of fixed-rate mortgages, over the past week. 

“These cuts should give other lenders confidence to make similar reductions, which will stimulate activity and provide a welcome boost for the market."

Away from the High Street, LendInvest Mortgages has updated its Buy-to-Let suite; including reduced rates and increased maximum loan sizes.

It has reduced rates by up to 15bps across its BTL range, with rates now starting at 3.89%. Landlords can now also access up to 80% LTV on five-year products for both standard properties and small HMOs.

Maximum loan sizes have been increased up to £3 million, accommodating the needs of investors looking to finance larger property deals.