Family Building Society head of intermediary sales Darren Deacon cited the ongoing US-Iran truce in that conflict as a direct reason for the moves.
“Although it’s anybody’s guess how long the fragile ceasefire will last, the relative stability in the Gulf has been reflected in market sentiment, allowing us to be able to make these rate reductions and to reintroduce pricing for lower LTVs,” he said.
“We completely understand the frustration that our intermediary partners are experiencing right now, but I’m hopeful that this new expanded and reduced-rate product will provide some welcome good news to borrowers and those looking to remortgage.”
Mortgage professionals have sounded a note of cautious optimism on the interest rate front, welcoming the trend towards lower rates but noting that borrowers are still nervous about the overall outlook as uncertainty lingers about the economic impact of the war.
Other lenders to cut rates this week include HSBC, Halifax, and Santander.