The dust is settling after the Autumn Budget and lenders have reacted by cutting rates for borrowers on a range of products.
There may have been an increase in stamp duty for those selling second homes, which could add up to £7,000 on the typical house sale.
But with an anticipated Bank of England base rate reduction on the horizon this month, mortgage rates are heading downwards for homeowners, remortgagers and borrowers.
Major lenders Barclays, Santander and Metro Bank have all made cuts. Here’s a roundup of what rates are now on offer.
Rates head south with Metro Bank
Metro Bank has reduced rates across its two-year buy-to-let (BTL) product range.
The reductions are by 0.3% and include its limited company BTL product, which Metro Bank launched in July this year.
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Two-year fixed rates at 65% loan to value (LTV) are now available at 3.69% with a 5% product fee. At 75% LTV, two-year fixed rates are now available at 3.89% with a 5% product fee.
Barclays has cut mortgage rates by up to 0.26%, with reductions across the bank’s two-year fixed residential purchase and remortgage deals
The lender cut rates from 4.1% to 3.99% for residential purchases at 60% loan to value (LTV) with an arrangement fee of £899. There was also a drop from 4.3% to 4.12% for purchases at 75% LTV for the same arrangement fee.
If you wanted to remortgage with Barclays, rates have gone down to 4.28% from 4.54% with a 75% LTV and a £999 fee.
Santander slashes prices
The day after the Autumn Budget, Santander decided to slash mortgage rates by up to 0.36% for its residential, new build, and buy-to-let products, cutting rates.
This will apply to fixed-rate mortgage products, which will be available from 3.85% for home purchases and remortgaging.
In its new business range, all standard residential fixed rates across the purchase, remortgage and green offerings will be reduced by up to 0.3%.
It is also cutting all large loan fixed rates by 0.15% and all new-build fixed rates by up to 0.36%.
