NatWest, Barclays, and TSB have announced further mortgage rate reductions, in what brokers have described as "positive news" for borrowers. The cuts, effective from Wednesday, include reductions of up to 0.19% from NatWest, up to 0.18% from Barclays, and up to 0.35% from TSB.
Brokers Urge Quick Action
Justin Moy, Managing Director at Chelmsford-based EHF Mortgages, said: "People need to take advantage of this improved pricing, as you never know what may change or how quickly." His comments were echoed by Omer Mehmet, Managing Director at Welling-based Trinity Finance, who noted: "It's encouraging to see lenders continue to cut rates, which suggests they're hungry for business after a far quieter March and April than usual due to the war. But borrowers should not believe that the only way for rates now is down, as markets can move very quickly and rates could be rising again before you know it."
Uncertainty Remains
Andrew Montlake, CEO at London-based Coreco, added: "It's great to see these cuts today but there is still a lot of uncertainty among lenders and rates could rise again very quickly subject to events in the Middle East. But for now more cuts will be welcomed by borrowers."
Emma Jones, Managing Director at Runcorn-based Whenthebanksaysno.co.uk, highlighted the fleeting nature of competitive rates: "A week or two ago, it was revealed that the average shelf-life of a mortgage was just eight days, which shows how important it is for people to act when good rates become available. Competitive rates can come and go in the blink of an eye."
Matthew Fleming-Duffy, Founder at Harbour Home Finance, agreed: "For borrowers, this is a reminder that the 'best rate' is a moving target. These constant shifts highlight why good advice and timing are key, because the cheapest deal today may not be there tomorrow."
