Major lenders announce new mortgage rate cuts

Posted on 28 November 2023

Major lenders have introduced fresh cuts to mortgage rates, broadening the options for borrowers seeking deals below the 5% threshold. Starting Tuesday, First Direct has implemented rate reductions of up to 0.40 percentage points.

Meanwhile, Halifax has announced reductions of up to 0.46 percentage points, effective Wednesday. Notably, a five-year fixed-rate for borrowers with a 10% deposit has been reduced by 0.24 percentage points to 4.97%.

Halifax is also decreasing a five-year fix for those with a 40% deposit by 0.20 percentage points, setting it at 4.53%, with both deals incurring a £999 fee. HSBC UK is anticipated to roll out widespread reductions to its mortgage rates on Wednesday, although specifics are yet to be disclosed. First Direct highlighted that this marks the most significant round of mortgage rate reductions since February this year.

Additionally, the bank has introduced two new mortgages for borrowers with a 5% deposit. A five-year fixed-rate deal with a 40% deposit is now available at a rate as low as 4.74% for both new and existing customers. Get in touch with us today and see how we can help you take the next step in your property journey.

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