This time, it is the turn of NatWest, TSB and Halifax to make further rate cuts.
They form a trio of lenders that are hoping to secure borrowers’ finances ahead of a widely expected base rate cut in August.
It marks the second time in a matter of days that TSB has slashed its mortgage rates, in the week where inflation held at 2% for the second consecutive month.
However, following the inflation announcement, a base rate cut in August now “hangs in the balance”, according to Myron Jobson from Interactive Investor.
YourMoney.com has assessed the latest rates lowered by three major lenders.
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NatWest has lowered select new business rates by up to 0.23%, including first-time buyer (FTB), shared equity and buy-to-let (BTL) deals.
The lender’s new business residential rates, including purchase and remortgage, have gone down by up to 0.23%. This includes its no-fee five-year fixed purchase rate at 60% loan to value (LTV), which has gone down by 0.23% to 4.28%.
In its FTB range, new business rates have decreased by up to 0.14%, which has hit its two-year fixed rate at 85% LTV with a £995 fee and £250 cashback. That is now priced at 4.94%.
New business rates on its shared equity range have dipped by 0.23%. So, its five-year fixed rate purchase deal at 60% LTV with no fee has decreased to 4.43%.
On the Help to Buy shared equity side, rates have decreased by up to 0.12%. The lender’s fee-free five-year fixed rate remortgage with £500 cashback has gone down by 0.12% to 4.6%.
NatWest’s BTL five-year fixed remortgage rate at 60% LTV has fallen by 0.16% to 4.5%. The product comes with a £3,499 fee.
TSB continues the summer rate-cutting party
Meanwhile, TSB dropped rates across its residential, BTL, product transfer and additional borrowing ranges.
On the residential side, that was by up to 0.2% on some deals, including the five-year fixed remortgage product. This means a five-year fix with no fee at 60% LTV is 4.64% and the equivalent product for 90% LTV is now 5.44%.
Homemovers also saw rates fall up to 0.15% on some deals, leaving a three-year fix with a £1,495 fee to pay and 75% LTV to stand at 4.88%.
The cuts applied to its BTL range for house purchases were up to 0.1% across the board. To finance 60% of your property without a fee, a deal is available for 5.39%, whereas a £1,995 fee equivalent is priced at 4.69%.
Its product transfer range was reduced by up to 0.15% for three-year fixes and slightly less (0.1%) for two-year equivalents.
Therefore, a three-year fix for 75% LTV with no fee is on offer at 5.09%, but if you want to finance more of your home, it is available at 5.69% at 85% LTV.
Homeowners can enjoy cuts of up to 0.15% across its residential additional borrowing range. This has left a three-year fix between 60% and 75% to stand at 5.09%.
A five-year equivalent on the same terms is now 4.79%.
The BTL options also dropped by up to 0.15% on two- and five-year options. If you want a two-year deal up to 60% LTV, that is available for 5.39%, and the five-year choice is 4.89%.
Halifax ends week with rate cuts
Homemover and first-time buyer products had rate reductions of up to 0.15% on selected products. One of those was a two-year fixed rate with a £999 fee at 60% LTV that is now priced at 4.46%.
Its five-year alternative, dropped by 0.12% and stands at 4.06%.
The lender also wielded the axe on a range of remortgage products, with cuts of up to 0.22% on selected deals. It means a three-year fix at a maximum of 90% LTV is 5.59%, with a £999 fee to pay.
If you want a longer deal, a five-year option up to 75% LTV is now available for 4.43%.
The final price drop of the week has product transfer and further advance rates decreasing by up to 0.17% on selected products. If you are looking to transfer, the rates here will be personalised to you depending on your deal, the lender notes.
