Barclays and Skipton Building Society have announced reductions in mortgage rates from Wednesday, joining a wave of lenders cutting costs amid easing swap rates. The moves follow similar cuts last week by HSBC UK, Halifax, Santander and TSB.
Barclays is lowering rates across more than 20 mortgage products, including a two-year fixed-rate home buyer deal for those with a 40% deposit, which drops from 4.95% to 4.60% with a £899 fee. A five-year fixed-rate product for borrowers with a 20% deposit falls from 5.11% to 4.96% with no fee.
Skipton Building Society is also trimming rates and launching several new products from Wednesday. The lender’s head of mortgage products, Jen Lloyd, said: “While falling rates offer encouraging signs for the market, a degree of caution remains important. Conditions continue to be volatile amid ongoing global conflicts and broader economic uncertainty.”
According to Moneyfacts, average two-year fixed homeowner rates have risen from 4.83% in early March to 5.87% on Tuesday, while five-year rates increased from 4.95% to 5.76% over the same period. The ongoing conflict in the Middle East has contributed to market volatility, leaving the future direction of interest rates uncertain.
