TSB is set to reduce its fixed-rate home loans by up to 40 basis points, while Barclays is making a mix of rate increases and reductions for both purchase and remortgage deals starting Friday, May 24.
TSB Mortgage Rate Reductions
TSB’s rate cuts include:
Residential Loans:
- First-Time Buyer (FTB) and Home Mover Fixes: Two- and five-year fixed rates from 75%-95% loan-to-value (LTV) will be reduced by up to 40bps.
- Three-Year FTB and Home Mover Fixes: Up to 90% LTV, reduced by up to 35bps.
- Remortgage Products: Two-year remortgage fixes from 75%-90% LTV will see reductions of up to 25bps, while five-year remortgage fixes up to 90% LTV will be reduced by up to 20bps.
- Shared Ownership and Shared Equity Rates: Reductions of up to 40bps and 25bps, respectively.
- Two-Year Tracker Products: Reintroduced for both FTB and home movers, as well as remortgage products.
Buy-to-Let Loans:
- Two-Year Tracker Products: Reintroduced for house purchases and remortgages.
Barclays Rate Adjustments
Barclays will be adjusting rates with a combination of increases and reductions:
Rate Increases:
Residential Loans:
- Purchase Only:
- Premier three-year 60% LTV fixes with a £999 product fee will rise by 25bps to 4.57%.
- Remortgage Only:
- Great Escape two-year 75% LTV fixes with no product fee will rise by 25bps to 5.17%.
- Purchase and Remortgage:
- Two-year 60% LTV fixes with a £1,999 product fee will rise by 30bps to 4.91%.
Existing Customer Reward Range:
- EMC Reward Two-Year 60% LTV Fixes: With a £999 product fee, rates will rise by 15bps to 4.75%.
Rate Reductions:
Residential Loans:
- Purchase Only:
- Five-year fixes with a £999 product fee will fall by 10bps to 4.90%.
Additional Market Movements
These changes come as other major lenders, such as Halifax and Santander, also plan to reduce their mortgage rates on Friday, May 24. Stay updated with the latest market news and mortgage rate adjustments.
