‘Much‑needed relief’ for homeowners as more lenders poised to cut mortgage rates

More mortgage lenders have announced rate cuts after a slew of of reductions last week.

Barclays said it is cutting rates across more than 20 mortgage products from Wednesday.

Skipton Building Society will also reduce mortgage rates from Wednesday, as well as launching some new products.

Several lenders, including HSBC UK, Halifax Intermediaries, Santander and TSB made reductions last week amid the easing environment for swap rates, which are used by lenders to price mortgages.

The conflict in the Middle East prompted market volatility and uncertainty about the future of interest rates.

But while some average rates appear to have reached a plateau in recent days, they have increased significantly in recent weeks.

Jen Lloyd, head of mortgage products and propositions at Skipton, said: “Following the reductions we made earlier this month, we’re pleased to be able to cut rates further.

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“While falling rates offer encouraging signs for the market, a degree of caution remains important.

Conditions continue to be volatile amid ongoing global conflicts and broader economic uncertainty, and it’s too early to say whether this marks a sustained downward trend.

“Against this backdrop, recent easing in swap rates has enabled us to pass on additional savings through our mortgage pricing.

“We’ll continue to monitor developments closely and respond responsibly where we can.”