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"What. A. Day." as HSBC and Barclays announce cuts following TSB

ended 20. August 2024

This morning, HSBC has announced that, with effect from Wednesday 21st August, it will be making wholesale reductions across its residential and Buy to Let (BTL) mortgage product ranges. Barclays has also announced a number of rate reductions (see screengrab in alert). Newspage asked brokers for their views, below.

10 responses from the Newspage community

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Tony Castle
Managing Director at PFG Mortgages
Another great week for rate cuts in the mortgage market. Not only residential borrowers will benefit but there's also much-needed relief for landlords. Lots of positive movements in the right direction at present.
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Michelle Lawson
Director at Lawson Financial
More glee for borrowers as HSBC and Barclays join the rate-cutting party. The weather may be dismal but the sun is starting to shine on the mortgage market. Confidence is definitely returning among consumers more and more of whom are now moving and remortgaging.
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Justin Moy
Managing Director at EHF Mortgages
Lenders seem to be putting their towels out on the loungers by the pool, ensuring they feature in the latest round of rate cuts and keep tabs on the competition. Higher loan-to-value borrowers will be delighted to see their rates improved. The interesting move by Barclays to significantly cut their follow-on rate by 1.5% today should not be missed. This may support improved affordability figures shortly and reduce payments for those stuck on this lender's equivalent of SVR.
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Craig Fish
Director at Lodestone Mortgages
It's fantastic to see the rate reductions continue across all product ranges, and not just for those who are purchasing. The race to end 2024 as the lender who has lent the most is on, and the competition is only set to become more intense. All good signs for those looking to obtain a mortgage with affordability continually improving.
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Hannah Bashford
Director at Model Financial Solutions
What. A. Day. Before 10:30 three major lenders have announced interest rate reductions. If this isn't a positive sign on where interest rates are going, I don’t know what is. It’s now more important than ever to look at the whole of the market and make sure, if you’re purchasing or remortgaging, that you are tracking rates. I have made four changes to one client's mortgage application in the past six weeks alone and if you go direct a lender is simply not going to tell you of these changes or encourage you to adjust your rate.
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Ranald Mitchell
Director at bad credit mortgage specialists Charwin Mortgages
HSBC and Barclays slashing rates once again signals a fiercely competitive mortgage market that's heating up as we head into the final quarter. With lenders battling it out, borrowers and the property market are set to benefit from this relentless momentum. The race is on, and it’s shaping up to be an exciting end to the year for anyone looking to secure a great mortgage deal.
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Rohit Kohli
Director at The Mortgage Stop
More good news from two major lenders. It's becoming a fight for market share at present as lenders fight it out after a quiet first half. In particular, changes to follow on rates (standard variable rates) could mean better affordability and increases to how much they will lend.
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Ben Perks
Managing Director at Orchard Financial Advisers
Hot on the heels of TSB come Barclays and HSBC who are keen not be left behind and announce cuts to their product range.As more lenders join the fray this week it sets us up nicely for a busy few weeks to come. As people return from holiday mode and start to eye up their children's return to school, normality will resume and people will start to plan for the future.
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Katy Eatenton
Mortgage & Protection Specialist at Eatenton Finance
Lenders are definitely doing their best to make August one of the busiest yet. Three major lenders announcing more rate cuts is keeping the market moving in the right direction, even if another base rate card reduction is off the cards in September.
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Mark Eaton
COO at April Mortgages
Headline inflation increased last week but the fact that core and services inflation both dropped was a positive. Demand for mortgages remains strong and the property market could be in for a busy autumn period once the school holidays are out of the way. We’ve noticed an uptick in demand in recent weeks as buyers seek to lock into longer term rates to protect against economic uncertainty and to give them payment peace of mind.