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Barclays, HSBC, TSB and Others Announce Rate Cuts


Major banks such as Barclays, TSB, and HSBC have announced cuts to their mortgage interest rates. This move is expected to provide relief to mortgage borrowers by reducing mortgage costs. Rate reductions by these lenders are seen as a response to the recent stabilisation of swap rates, which influence the pricing of fixed-rate mortgages.  

Barclays has made significant cuts to their mortgage rates, with reductions of up to 0.45% on various fixed-rate products. This includes a competitive five-year fixed rate at 4.32% for residential remortgages at 60% LTV, accompanied by a £999 arrangement fee. These adjustments are part of a broader trend among major lenders to revise their mortgage rates, potentially signaling a shift in the market and offering a more favorable position for borrowers.


Representative Example for a Remortgage:

For a remortgage of £850,000 property with a capital and interest mortgage of £510,000 payable over 25 years. The mortgage will initially be on a fixed rate of 4.32% for 5 years, then the Barclays variable rate, currently 8.74%, for the remainder of the term. There would be 63 payments of £2,782.89 followed by 237 payments of £3,931.93. The total amount repaid would be £1,108,303.48 made up of the initial loan amount (£510,000), the interest payable (£597,189.48) and the product fee (£999), final repayment charge (£80), completion fee (£35). The overall cost for comparison is 6.9% APRC representative.


Other lenders have recently announced changes to their products:

  • TSB – Reducing residential fixed rate products by up to 0.10%
  • HSBC – Lowering fixed rates across both residential and Buy-to-Let products by up to 0.18%
  • BM Solutions – Cuts of up to 0.20% across their BTL fixed rate range
  • Fleet Mortgages – Launching new Limited Company products at 65% Loan-to-Value and reducing selected BTL products by 0.20%


Harps Garcha, Director at Brooklyns Financial, commented to the FT Adviser, “Barclays’ recent mortgage rate cuts are a beacon of hope for many borrowers and a welcome relief to witness some of the financial strain being lifted”. These cuts from major lenders could be a pivotal moment to boost market confidence and may prompt other lenders to follow suit.


While we are starting to see mortgage rate reductions it is important to obtain advice when seeking a new mortgage, speak with our experienced mortgage consultants or call us at 01628 564631 for an initial consultation. We're here to help providing you with informed guidance every step of the way.


Your mortgage is secured on your property. Your home may be repossessed if you do not keep up repayments on your mortgage.

The information contained within was correct at the time of publication but is subject to change.

Most Buy-to-Let Mortgages are not regulated by the Financial Conduct Authority.


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