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  • Writer's pictureMatthew Pigrome

Exciting Mortgage News: Major Rate Cuts from Leading Lenders

Dear valued clients and homeowners,

I'm thrilled to share some exciting developments in the mortgage market. Two prominent lenders, Barclays and Santander, have just announced substantial reductions in mortgage rates. This news follows last week's rate cuts by HSBC and Halifax, and it's creating significant opportunities for all of us in the housing market.

Barclays has chosen to focus its rate cuts on the two-year fixed segment, with reductions of up to 0.5% set to take effect starting tomorrow. Here's a quick overview of the key changes:

  • Two-year fixed with 60% loan-to-value (LTV): Now reduced from 4.62% to 4.17%.

  • 75% LTV: Decreased from 4.7% to 4.2%.

  • 95% LTV: Lowered from 5.8% to 5.5%.

This is a remarkable move by Barclays, and I believe it's one of the most noteworthy rate cuts we've seen in 2024. It's worth noting that just a few months ago, seeing two-year fixed deals approaching the 4% mark was unexpected. Additionally, Barclays' capacity to handle substantial business volumes signals a notable shift in the market landscape, and it's something we should all keep an eye on.

Image of a traditional UK bank building with stone walls and large windows. In front of the bank, there's a large red downward arrow, symbolising rate reductions. The bank is set against a bustling city street backdrop with a clear blue sky.
Navigating the Changing Tides: UK Banks Signal a Downward Shift in Rates

Santander, on the other hand, has come back with a bang. The bank will be reducing rates on various products, with some mortgage deals falling below the 4% threshold for new customers. Notable changes include a 60% LTV five-year fixed rate mortgage at 3.94% and an enticing remortgage option at 3.89%.

Santander's adjustments also encompass:

  • Reductions of up to 0.56% on all new build exclusive fixed rates.

  • A 0.25% decrease in all large loan fixed rates.

  • Up to 0.56% reductions in buy-to-let two and five years fixed rates.

  • The withdrawal of buy-to-let three-year fixed rates.

These rate cuts, although partly driven by competitiveness, offer compelling sub-4% deals for both home purchases and remortgages. They're like the irresistible treats you find in a tin of Quality Street during the festive season.

At Mortgage321, we're excited about these developments and what they mean for you. These rate cuts represent a dynamic shift in the mortgage market, providing you with attractive opportunities to secure mortgages at lower rates.

Stay tuned for more updates as we continue to monitor the evolving mortgage landscape and work diligently to help you achieve your homeownership goals.

Warm regards,

Matthew Pigrome Principal, Mortgage321

Ready to explore how these rate cuts can benefit you?

Contact Mortgage321 today by calling 01255 440142 or message us +447851856721 and let's discuss your personalised mortgage options.

Don't miss out on the opportunity to secure a mortgage at these reduced rates. Your dream home could be closer than you think!


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