Editor's note: This brief was summarised by The Property AI Newsroom from a report by Mortgage Strategy. Read the original article for full details.
HSBC to Cut Residential and Buy-to-Let Rates Tomorrow
HSBC will cut rates across its residential and buy-to-let mortgage ranges tomorrow, according to a report by Mortgage Strategy. The bank has not provided brokers with advance notice of the scale of these cuts, but numerous rates are expected to fall as part of the reprice.
Santander also announced rate cuts on Friday, which will take effect tomorrow. Last week, Nationwide Building Society, NatWest, and Barclays reduced their prices, while Halifax increased rates. In the buy-to-let sector, Rely is withdrawing selected rates at close of business today to introduce lower-priced deals tomorrow.
Monthly analysis from Moneyfacts revealed that lenders’ price hikes in July reversed the drop in the average mortgage rate seen in June. However, Moneyfacts also noted a steady improvement in the number of mortgage products available over the past four months.
These changes may impact letting agents and inventory clerks monitoring mortgage trends and product availability in the UK property market.
Source: Mortgage Strategy