First-time buyer deals have also been reduced, including the two-year fix at 60% loan-to-value (£999 fee), now at 4.32%, down 15bps.
Several products carry cashback incentives ranging from £250 to £700, with higher amounts available on energy-efficient homes. Fees across the range vary from no fee to £1,999, depending on the product and loan-to-value band.
Lenders have been trimming their rates over the past couple of months, with some of the most recent reductions coming from major names including Santander, Barclays, and NatWest.
The cuts come even as the Bank of England held interest rates steady at 3.75% in June. Fixed mortgage pricing tends to track swap rates and lender funding expectations more closely than Bank Rate itself. Annual inflation staying at 2.8% in May — defying economists’ expectations of a rise to 3% — helped by a drop in the household energy price cap has given lenders more room to compete on price.
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