TSB also reduced rates across its residential, buy-to-let, product transfer and additional borrowing ranges, with two-, three- and five-year fixed rates for house purchase falling by up to 20bps, and remortgage rates sliding by up to 15bps.
“Back-to-back rate reductions from Santander, Barclays, and NatWest this week are a clear sign that competition in the mortgage market is gathering pace,” said Rachel Geddes (pictured right), strategic lender relationship director at Mortgage Advice Bureau.
“Although these reductions won’t transform affordability overnight, they add to the momentum we’ve seen in recent weeks as lenders compete more aggressively for business. Borrowers who are ready to act are therefore likely to find a wider range of competitive options available.
“With rates and products changing regularly, speaking to a mortgage adviser should be the first port of call. They can help borrowers compare the options available, understand what they’re eligible for, and secure a deal that’s right for their circumstances.”
Want to be regularly updated with mortgage news and features? Get exclusive interviews, breaking news, and industry events in your inbox – subscribe to our FREE daily newsletter. You can also follow us on Facebook, X (formerly Twitter), and LinkedIn.