Easing tensions in the Middle East are being attributed to the change in outlook which is driving these much-needed mortgage price cuts.
Coventry Building Society is the other lender which has announced mortgage reductions across its range.
According to the Newspage Agency, Barclays has cut its rates across the board by up to 0.43%. The spotlight was thrown on the 5.85% purchase mortgage, which is a three-year fixed rate for those borrowing at 95% Loan to Value (LTV) and is decreasing to 5.42%. It comes with a fee of £899.
Meanwhile, the agency revealed, NatWest has cut its rates by up to 0.54%. The highlight will be its two-year tracker rate remortgage at 80% LTV with a fee of £995 being cut to 4.42%.
It comes after Santander lowered its rates by up to 0.23% last week and Gen H cut its mortgage rates by up to 0.3% earlier this week.
But it also comes after NatWest increased some of its rates last week, showing just how erratic mortgage pricing is at the current time.
As such mortgage brokers are advising borrowers who are on the lookout for a deal to act quickly because things could change very quickly.
Justin Moy, Managing Director at Chelmsford-based EHF Mortgages, told Newspage swap rates – which drive lenders’ pricing – have gone down and that was now feeding into mortgage rates.
He added: “Some significant cuts from a number of high street lenders, as swap rates improve and the likelihood of base rate increases in 2026 recedes.
“But it’s so important for borrowers to act ‘quickly’ just in case, as we have seen so many times this year, rates can increase with little notice.”
Katy Eatenton, mortgage & protection specialist at St Albans-based Eatenton Finance, echoed this advice.
She said: “Great news to get what tends to be a quiet time or year ramped up and moving in a positive direction. The downward direction of rates should give comfort to those coming off super low rates this summer.
“I still encourage those hoping to move or remortgage this year to lock a rate in early, just in case things change”