Banks cut mortgage rates ahead of inflation announcement
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Reductions come despite heightened expectation of further tightening from Threadneedle Street.
Article originally published by The Telegraph. Hargreaves Lansdown is not responsible for its content or accuracy and may not share the author's views. News and research are not personal recommendations to deal. All investments can fall in value so you could get back less than you invest.
Published by
16 Aug 2023
Major lenders including Barclays, NatWest and Coventry Building Society have slashed the interest rates on their mortgages ahead of the publication of official inflation figures on Wednesday.
All six of Britain’s biggest mortgage lenders, including Lloyds Banking Group and Nationwide, have reduced their rates in the past week despite the expectation of further Bank Rate rises.
Markets now expect the Bank of England’s official interest rate to peak at 6pc next spring.
The Bank Rate is at a 15-year high of 5.25pc after a 0.25 percentage point rise at the start of the month.
Barclays said it was reducing its two-year fixed rate deal for those with a 15pc deposit from 6.96pc to 6.66pc.
There were also cuts to its two-year and five-year fixed-rate residential mortgages for buyers with less than a 15pc deposit or equity in the property.
On Tuesday Coventry Building Society also announced cuts to the rates on all of its new fixed rate loans where
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