Barclays has become the latest lender to reduce mortgage rates, as competition in the UK housing market intensifies. The cuts bring borrowing costs down to their lowest levels since 2022, offering potential relief to homebuyers and remortgage customers alike.
Mortgage rates are falling rapidly following last month’s Bank of England base rate cut from 4% to 3.75%, the sixth reduction since August 2024.
HSBC led the moves on Monday, cutting residential and buy-to-let mortgage rates for 2026. Barclays has folloed suit with reductions across purchase and remortgage deals, while Halifax will trim rates from today, with some products dropping by up to 16 basis points.
Borrowing costs are now at their lowest levels since 2022.
“With some lenders repricing on a weekly basis, it is now possible to access a short-term fix at just over 3.5 per cent,” said Mark Harris, chief executive of SPF Private Clients.
Aaron Strutt, communications director at mortgage broker Trinity Financial, added: “All these price cuts so early in the year are good news for borrowers, especially those keen to get on the property ladder or remortgage.”
Full Article: https://propertyindustryeye.com/barclays-cuts-mortgage-rates-as-lender-competition-heats-up/