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Halifax, Nationwide and Skipton cut rates but "these rates may only be available for a short time"

Journalist: Justin Moy, Contributing Editor

ended 20. February 2025

Following Barclays earlier today more major High Street lenders, including Halifax and the Nationwide, have announced cuts to their mortgage ranges. With rate cuts of up to 0.33% for new mortgage clients, remortgagors and buyers, borrowers still have an opportunity to shave money off their mortgage costs. Newspage asked brokers if this is the last of the cuts or whether will we continue to see better deals in the market despite inflation and swaps rising.

 

7 responses from the Newspage community

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Tony Castle
Managing Director at PFG Mortgages
After yesterday's disappointing inflation data, this is great news for borrowers. Lenders are aggressively cutting rates to be more competitive in the market. This could mean lower monthly payments, freeing up more money for other things like savings, splurging on a holiday, or snagging a better deal on the home you’ve been eyeing. It’s basically a win-win for your finances.
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Pete Mugleston
Mortgage Advisor & Managing Director at onlinemortgageadvisor.co.uk
Recent rate cuts are welcome news for borrowers, as they present a valuable opportunity to secure lower mortgage costs. However, whether this is the last of the reductions is hard to say. It depends on how the economy fares in the coming months. With inflation rising to 3% and the Bank of England unlikely to reduce the base rate anytime soon, this could well be the last of the rate cuts. While some lenders may continue adjusting rates to stay competitive, others might take a wait-and-see approach. For borrowers, acting now with expert broker advice ensures they can access the best deals available, while also considering flexibility for future changes in the market.
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Hannah Bashford
Director at Model Financial Solutions
A rate war is raging as no one wants to lose market share but are the rates really that good? We still aren’t seeing those all important rates under 4%, widely available back in October. The constant minute tweaking of rates is exhausting: we need some stability and clarity to help our customers plan for the future and stop this rate roulette.
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Ranald Mitchell
Director at bad credit mortgage specialists Charwin Mortgages
Lenders are going head-to-head, slashing rates and making mortgages more affordable for buyers and remortgagors. With cuts of up to 0.33%, this is a golden opportunity to lock in a better deal. The big question is are we at the bottom or is there more to come? With competition heating up, we may not have seen the last of the rate drops just yet.
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Justin Moy
Managing Director at EHF Mortgages
This could be lenders pricing ahead of the inflation figures from Wednesday, so these rates may only be available for a short time. We just don't know at this stage. As always, the opportunity to buy or remortgage will be subject to individual timing, but for those looking for a new mortgage deal, you can work up to 6 months ahead of your renewal, so if you fit those criteria then reach out to your broker to secure a deal.
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Ben Perks
Managing Director at Orchard Financial Advisers
Rates reducing as mortgage market starts to resemble a 1990s Royal Rumble. As a few lenders tapped out this morning, some major players have come charging down the gangway and dived into the ring this afternoon. It’s great to see and borrowers will be loving it.
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Emma Jones
Managing Director at Whenthebanksaysno.co.uk
It's all happening today. Some major lenders are hiking rates, others are cutting them. This shows the uncertainty in the market following the higher than expected inflation data. More cuts from the Bank of England are almost certain but when they come given that inflation is at 3% is hard to know. The Bank of England has a delicate balancing act on its hands as the economy is stagnating and needs stimulus but inflation is rising. But with these cuts, borrowers will not be complaining