"The sub-4% mortgage race is back on" as Leeds, TSB and Barclays cut rates
THE sub-4% mortgage race is back on, brokers have said, as Barclays, TSB and Leeds have all announced further cuts today, with Barclays going as low as 3.84% at 60% loan-to-value.
Justin Moy, Managing Director at EHF Mortgages, said: “The sub-4% mortgage race is back on as lenders battle for market share. Now is an ideal time to be grabbing a new deal if yours is due to renew in 2025. Competition is seriously heating up as lenders stick their elbows out and look to win business on rates. But as we know, things can turn in the blink of an eye, so borrower beware.”
Michelle Lawson, Director at Lawson Financial, said her clients have already made huge savings this morning: “Rates are falling across the board with some genuinely attractive savings to be had. My customers, this morning alone, have saved nearly £10k in total over their product terms thanks to these cuts. Lenders: keep them coming.”
Meanwhile, Daniel Hobbs, CEO at New Leaf Distribution, said a rate cut next month could deliver even better news for borrowers: "It feels like things are starting to shift back in favour of borrowers. We're seeing some decent rate cuts now from major lenders and they're being announced each day. If the Bank of England delivers some additional relief next month, it could be a busy end to the summer and autumn."
David Stirling, Director at Mint Mortgages & Protection, said competition is fierce: “The mortgage market is heating up as many major lenders deliver back-to-back rate cuts, signalling fierce competition ahead as borrowing costs tumble. Momentum is really gathering pace this week as Barclays, Leeds and TSB enter the fray and annnounce rate cuts, with many sub-4% deals now available if you've got a chunky deposit.”
Pete Mugleston, Managing Director at onlinemortgageadvisor.co.uk, added “With a heatwave approaching, the mortgage market is also starting to heat up, as more lenders reduce their rates. This is great news for borrowers, signalling strong competition in the sector.
"Lenders may be anticipating a cut from the Bank of England, but it's too early to say whether one is on the cards. Either way, this is great news for borrowers and hopefully it — and the heatwave — last a bit longer.”
