Rate Cuts Bring New Opportunities

The UK mortgage market has faced its share of uncertainty in recent months, leaving borrowers questioning their options. Following the Bank of England's 0.25% reduction in the base rate this November—bringing it to 4.75%—lenders responded in varying ways. While some increased fixed rates, others reduced them, adding to the complexity of the market.

Now, however, there are signs of stabilisation. In the past 24 hours, major lenders such as Accord, Coventry Building Society, HSBC, and NatWest have introduced significant rate reductions and new mortgage products. This marks a welcome shift for borrowers, offering more competitive rates and clearer choices.

Key Highlights of the Changes

Accord

• Residential Mortgages:
  -Fixed-rate products have seen reductions of up to 0.30%.
  -Product fees on selected deals have been cut from £995 to £495.
  
  
• Buy-to-Let Mortgages:
  -2-year fixed rates are now up to 0.35% lower.
  -3-year fixed rates have been reduced by up to 0.45%.
  -5-year fixed rates are down by up to 0.20%.
  
  

NatWest

• Residential Mortgages:
  -A 0.10% reduction on 2-year fixed rates for purchases with a 25% deposit.
  -Borrowers with a 40% deposit can now access a 5-year fixed rate reduced by 0.14%.
  -These reductions extend to remortgages, shared equity products, Help to Buy, and green mortgages.
  
  
• Buy-to-Let Mortgages:
  -5-year fixed rates for products at 75% Loan-to-Value (LTV) are now reduced by 0.34% with no fees.
  -2-year fixed rates at the same LTV have been reduced by 0.39%.
   

Looking Ahead

With Coventry Building Society and HSBC preparing to unveil their own rate cuts in the coming days, the mortgage market is poised for further positive developments. For borrowers, these changes represent not only improved affordability but also greater stability across both residential and buy-to-let products.

If you’re planning to secure a new mortgage or remortgage your existing one, now is the time to assess these new offerings. Comparing rates and understanding the latest market options can help you lock in a deal that aligns with your needs.. Stay tuned for further updates as the mortgage market continues to shift!

The Importance of Expert Guidance

Given the ever-changing market conditions, seeking the assistance of a mortgage consultant is more important than ever. With their expertise, you can navigate these fluctuations effectively and find the best possible mortgage options tailored to your needs.

Our experienced mortgage consultants are ready to assist you with personalised guidance every step of the way. For an initial consultation, speak with our experts or call us at 01628 564631. We're here to help you navigate your mortgage journey with informed advice and care.

Take the first step towards securing your mortgage today.

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

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

Source: NatWest