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Barclays, Accord and Leeds Building Society cut mortgage rates: "Last window of opportunity to lock in rates before the Budget"

ended 30. October 2025

BARCLAYS, Accord and Leeds Building Society have cut their mortgage rates with brokers warning borrowers that it's the "last window of opportunity to lock in rates before the Budget".

From tomorrow, Barclays will lower rates to as low as 3.73% on its 60% loan to value (LTV) two-year fixed mortgages.

Other two-year and five-year rates from Barclays are being lowered by up to 0.13%.

Accord is reducing its residential rates on 80% and 85% LTVs by up to 0.25%.

And Leeds Building Society is cutting its residential rates by up to 0.11%. 

This comes as other lenders cut rates including TSB.

The cuts by TSB include up to 0.2% off 2-year fixed rate purchase, shared ownership and shared equity house purchase mortgages and up to 0.1% off 2-year fixed rate remortgages.

Product transfer and additional borrowing on 2-year fixed rates between 60% and 75% loan-to-value are also reducing by 0.05%.

Brokers urged borrowers to lock in deals now.

Omer Mehmet, Managing Director at Trinity Finance, said: “Borrowers need to take note of the reductions we’re currently seeing. This could be a last window of opportunity before the Budget to lock into a good rate. 

"If the bond markets don’t like what’s announced next month, rates could end up moving back in the wrong direction.”

Emma Jones, Managing Director at Runcorn-based Whenthebanksaysno.co.uk, said 

She added: "Yesterday, one major high street lender, TSB, cut rates twice in a week and these latest cuts will inject further momentum into the mortgage market.

"Though the direction of travel for rates remains uncertain, with inflation still far above the target, lenders are doing their best to get the market moving."

Aaron Strutt, Product and Communications Director at London-based Trinity Financial, shared what you need to do to get the lowest rate.

He continued: "Barclays undercut the latest NatWest best buys and offers the cheapest two year fix at 3.72% (apart from Lloyds current account mortgage 3.67%). You will need to have a Barclays premier account to get the rate but borrowers can open one when making an application. 

“They would need to earn £75,000 to qualify or have £100,000 saved with Barclays. It only takes one or two of the big lenders to lower their prices for other large and smaller mortgage providers to follow. If the base rate comes down next week or in December we may well have noticeably better rates to start the new year with.

Stephen Perkins, Managing Director at Norwich-based Yellow Brick Mortgages, said next month's Budget is likely to affect rates further.

He added: “These are some positive rate reductions across the market, no doubt designed to grab as much potential business whilst the sun is still shining. With the pending storm of the forthcoming Budget likely to reduce demand, now is the time for lenders to fill their boots.”

Elliott Culley, Director at Hayling Island-based Switch Mortgage Finance, agreed, adding: “The confidence of mortgage lenders has grown over the last week and more lenders are joining the party and reducing their rates. This may be the best opportunity for exisiting borrowers needing to renew in the next few months as rates may change after the Budget.”

Jack Tutton, Director at Fareham-based SJ Mortgages, said lenders are jostling for business.

He continued: "Just as the temperature starts to drop as winter approaches, mortgages lenders are sparking up the rate war ahead of the Budget at the end of next month. Lenders are making bold cuts to their rates to try and win business before the Budget and what storm that this might bring. 

“With so many unknowns and the impact that this could have on financial markets, now would be a good time to review your mortgage options and strike while the iron is hot.”

Justin Moy, Managing Director at Chelmsford-based EHF Mortgages, said it was welcome for borrowers.

He added: "More good news for mortgage borrowers as rates improve whilst lenders see business volumes struggle in this period up to the Budget. 

“SWAP rates have fallen a little over the last week as the potential for base rate cuts improves, creating an ideal opportunity to grab a competitive deal for any borrower with a mortgage needing a renewal.”

Rohit Kohli, Director at Romsey-based The Mortgage Stop, got into the Halloween spirit with his response to the news.

He said: "It’s been a scary year for borrowers, but this week’s rate cuts are a real treat rather than another trick. With Barclays, Accord, and Leeds BS all slashing rates, lenders are showing they’re ready to lend again. 

"Despite the gloomy backdrop of stubborn inflation and weak growth, the market’s been jolted back to life like Frankenstein’s monster as swap rates ease. 

"For anyone re-mortgaging in the next six months, don’t wait for the witching hour - get your deal locked in before the Chancellor’s Budget at the end of November spooks the markets. Investors, too, should rise from their crypts and take a look at what’s stirring in the market."

So did David Stirling, Independent Financial Adviser at Belfast-based Mint Wealth Ltd, adding: "Over the past two weeks lenders have been slashing rates like a scene from a horror movie. Hopefully that will make borrowers a little less spooked and bring some much needed life to the property market as we head toward Christmas. 

“With the uncertainty of the upcoming Budget looming like a monster coming over a hill, borrowers would be wise to lock in these rates while they can.”

Michelle Lawson, Director at Fareham-based Lawson Financial, added: "Some spooktacular rate cuts for borrowers with some decent reductions. Stability and confidence is returning to the mortgage market at last so we just need to hope that this isn't all undone with the upcoming Budget."

Ranald Mitchell, Director at Norwich-based Charwin Mortgages, said there was now a trend of lenders cutting their rates.

He continued: “Big names like Barclays, Accord and Leeds are continuing the momentum with fresh rate improvements. We’re seeing a steady trend of lenders trimming pricing as swap rates ease and competition heats up ahead of the winter slowdown. While these aren’t seismic cuts, they signal intent. 

"Lenders want to keep money moving and stimulate confidence among borrowers. For customers, it’s a welcome sign that stability is returning, and the market is gradually finding its rhythm again after a jittery few months. With growing chatter about the Bank of England cutting rates again at their next meeting, things could be looking up for homeowners.”



 

Barclays

Accord Mortgages

Leeds BS

13 responses from the Newspage community

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Star Quote
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Editor
Emma Jones
Managing Director at Whenthebanksaysno.co.uk
Yesterday, one major high street lender, TSB, cut rates twice in a week and these latest cuts will inject further momentum into the mortgage market. Though the direction of travel for rates remains uncertain, with inflation still far above the target, lenders are doing their best to get the market moving.
Star Quote
Copy

Editor
Stephen Perkins
Managing Director at Yellow Brick Mortgages
These are some positive rate reductions across the market, no doubt designed to grab as much potential business whilst the sun is still shining. With the pending storm of the forthcoming Budget likely to reduce demand, now is the time for lenders to fill their boots.
Star Quote
Copy

Editor
Justin Moy
Managing Director at EHF Mortgages
More good news for mortgage borrowers as rates improve whilst lenders see business volumes struggle in this period up to the Budget. SWAP rates have fallen a little over the last week as the potential for base rate cuts improves, creating an ideal opportunity to grab a competitive deal for any borrower with a mortgage needing a renewal.
Star Quote
Copy

Omer Mehmet
Managing Director at Trinity Finance
Borrowers need to take note of the reductions we’re currently seeing. This could be a last window of opportunity before the Budget to lock into a good rate. If the bond markets don’t like what’s announced next month, rates could end up moving back in the wrong direction.
Copy

Editor
Michelle Lawson
Director at Lawson Financial
Some spooktacular rate cuts for borrowers with some decent reductions. Stability and confidence is returning to the mortgage market at last so we just need to hope that this isn't all undone with the upcoming Budget.
Copy

Editor
Jack Tutton
Director at SJ Mortgages
Just as the temperature starts to drop as winter approaches, mortgages lenders are sparking up the rate war ahead of the Budget at the end of next month. Lenders are making bold cuts to their rates to try and win business before the Budget and what storm that this might bring. With so many unknowns and the impact that this could have on financial markets, now would be a good time to review your mortgage options and strike while the iron is hot.
Copy

Editor
Ranald Mitchell
Director at bad credit mortgage specialists Charwin Mortgages
Big names like Barclays, Accord and Leeds are continuing the momentum with fresh rate improvements. We’re seeing a steady trend of lenders trimming pricing as swap rates ease and competition heats up ahead of the winter slowdown. While these aren’t seismic cuts, they signal intent. Lenders want to keep money moving and stimulate confidence among borrowers. For customers, it’s a welcome sign that stability is returning, and the market is gradually finding its rhythm again after a jittery few months. With growing chatter about the Bank of England cutting rates again at their next meeting, things could be looking up for homeowners.
Copy

Editor
Rohit Kohli
Director at The Mortgage Stop
It’s been a scary year for borrowers, but this week’s rate cuts are a real treat rather than another trick. With Barclays, Accord, and Leeds BS all slashing rates, lenders are showing they’re ready to lend again. Despite the gloomy backdrop of stubborn inflation and weak growth, the market’s been jolted back to life like Frankenstein’s monster as swap rates ease. For anyone re-mortgaging in the next six months, don’t wait for the witching hour - get your deal locked in before the Chancellor’s Budget at the end of November spooks the markets. Investors, too, should rise from their crypts and take a look at what’s stirring in the market.
Copy

Editor
David Stirling
Independent Financial Adviser at Mint Wealth
Over the past two weeks lenders have been slashing rates like a scene from a horror movie. Hopefully that will make borrowers a little less spooked and bring some much needed life to the property market as we head toward Christmas. With the uncertainty of the upcoming Budget looming like a monster coming over a hill, borrowers would be wise to lock in these rates while they can.
Copy

Editor
Aaron Strutt
Product and Communications Director at Trinity Financial
Barclays undercut the latest NatWest best buys and offers the cheapest two year fix at 3.72% (apart from Lloyds current account mortgage 3.67%). You will need to have a Barclays premier account to get the rate but borrowers can open one when making an application. They would need to earn £75,000 to qualify or have £100,000 saved with Barclays.
It only takes one or two of the big lenders to lower their prices for other large and smaller mortgage providers to follow. If the base rate comes down next week or in December we may well have noticeably better rates to start the new year with.
Copy

Editor
Dariusz Karpowicz
Director at Albion Financial Advice
The mortgage market's heating up whilst the weather's cooling down, with lenders serving rate cuts before the Chancellor potentially spoils the party. Barclays at 3.73%, Accord slashing by 0.25%, and Leeds BS trimming rates; they're clearly keen to secure business before Budget uncertainty hits.
If you're remortgaging soon, this is your moment. SWAP rates have softened and competition's fierce, but this window won't stay open long. Lock in these rates before 30 October; you'll thank yourself when the Budget dust settles. Contact your broker today and secure your deal whilst lenders are still feeling generous.
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Editor
Shaun Sturgess
Director at Sturgess Mortgage Solutions
As we head into Halloween, the latest round of rate cuts from Barclays, Accord and Leeds Building Society could be the last real opportunity for borrowers to lock in before the Budget.

We’re seeing two- and five-year fixes dipping to levels we haven’t seen in months — with some now starting in the 3% range. It’s a positive move, but it also tells us something: lenders are repositioning ahead of what could be a volatile end to the year.

For anyone sitting on the fence, this might be your moment. I’ve said it many times — the mortgage market moves fast, and when sentiment shifts, rates follow. The next few weeks could be the difference between securing a ‘treat’ of a deal and being left with a ‘trick’ after the Budget dust settles.

The key now is speed, clarity, and the right advice
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Platinum
Elliott Culley
Director at Switch Mortgage Finance
The confidence of mortgage lenders has grown over the last week and more lenders are joining the party and reducing their rates. This may be the best opportunity for exisiting borrowers needing to renew in the next few months as rates may change after the budget.