Earlier this week, Nationwide, Virgin Money, First Direct and Skipton Building Society lowered rates, and now three more have followed the trend.
It comes at a time when mortgage costs have begun to ease, with a 1.5% annual increase in rent and mortgage payments in June, representing a drop from the 6.3% rise in May.
The average rates of mortgages have steadily dropped, too – the average two-year fix came down from 5.37% last week to 5.35% on 11 July.
The five-year equivalent also reduced on average, from 4.99% to 4.97%. This is due to the increasing price drops from lenders Barclays, Coventry Building Society and Halifax.
Here is YourMoney.com’s round-up of those ever-growing rate reductions.
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Barclays makes widespread cuts
Barclays made cuts for existing borrowers, so its purchase-only two-year fix for premier borrowers at 60% loan to value (LTV) now stands at 4.49% – a decrease from 4.67%. That deal comes with a £899 fee.
The lender also made cuts for standard borrowers for the same term length and finance levels, which is now priced at 4.52%, and it previously stood at 4.68%. The fee-free choice was also lowered by 0.16% to 4.71%.
There were also cuts of up to 0.33% on select five-year fixes to finance 60% and 75% of your property. One of those is a fee-free option at 75% LTV, which is down to 4.24%.
The lender has also cut remortgage rates at 60% and 75% LTV tiers on two- and five-year fixed rates, either with or without a fee.
Coventry Building Society and Halifax join the rate-cutting party
Meanwhile, Coventry Building Society slashed fixed residential rates, along with buy-to-let (BTL) rates, by up to 0.18% in some cases.
Fixed residential rates have been reduced by up to 0.18% and BTL rates have been decreased by up to 0.15%. Two-, three- and five-year fixed residential rates are available between 65% and 95% LTV.
Other cuts include its five-year fixed remortgage rate at 75% LTV with no fee at 4.61%, with the option of £350 cashback or use of the Coventry Building Society remortgage transfer service.
Elsewhere, a cut was made to the two-year fixed rate deal with no fee at 65% LTV for BTL purchase, which is now at 5.35%.
Completing the trio of lenders making rate reductions was Halifax, which from today (12 July) will make cuts to its homemover and first-time buyer products.
There will be rate reductions of up to 0.13% on selected products.
