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TSB cuts fixed rates by up to 0.4%: "Lenders are coming out swinging"

Journalist: Justin Moy, Contributing Editor

ended 09. December 2024

TSB followed Barclays this morning as the latest High Street lender to announce a number of fixed rate cuts as Swap rates improve and competition between lenders hots up. The rate cuts, of as much as 0.4%, were welcomed by brokers. Their views are below.

 

5 responses from the Newspage community

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Editor
Simon Bridgland
Broker at Charwin Private Clients
Borrowers could be settling down with a bucket of popcorn this week as TSB are the second lender to wade into battle today with some cinematic reductions. It feels like sub-4% rates are looming on the horizon.
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Iain Swatton
Director at Exemplar Financial Services
TSB’s rate cuts of up to 0.4% come hot on the heels of Barclays and show they’re eager to be the star at the top of the Christmas tree this year. With lenders starting to unwrap festive treats for borrowers, competition in the market is heating up like a glass of mulled wine. These reductions are a welcome gift for buyers and those remortgaging, especially with affordability pressures still looming large. Let’s see if other lenders join the festivities and spread more cheer as we head into the holiday season.
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Ben Perks
Managing Director at Orchard Financial Advisers
The long wait is over, competition is finally returning. Lenders are coming out swinging as they fight for business in the final few weeks of 2024. Great News for borrowers and brokers alike.
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David Stirling
Independent Financial Adviser at Mint Wealth
After weeks of eyeballing each other post-Budget, lenders are finally entering the arena to hopefully see out 2024 in truly gladiatorial style. TSB's positive cuts have laid down the gauntlet following Barclays this morning and this should only mean more competition all week now as lenders are clearly intent on seeking to attract business.
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Editor
Justin Moy
Managing Director at EHF Mortgages
On a cold day, another High Street lender is warming the hands of mortgage borrowers with significant improvements to a number of their fixed rate deals. Whilst the market has cooled since the Budget in October, this is the second set of rate cuts this week so far, and with others likely to join in this week, we could see some pressure on those sub-4% deals before the year is out.