Lenders are battling it out on price as fixed rate reductions took precedence in the mortgage market this week, according to Moneyfactscompare.co.uk.
The competition has led to a fall in the overall two- and five-year fixed mortgage rates, Moneyfactscompare said.
The data, published today (24 Nov.), showed that the big-name banks including TSB, HSBC, Santander and Halifax have all made cuts to their fixed mortgage rates.
TSB reduced its rates by up to 0.30%, Virgin Money by up to 0.30%, HSBC by up to 0.25%, Santander by up to 0.22% and Halifax by up to 0.10%.
The analysis also showed that building societies were also active this week cutting rates on selected fixed rates.
The societies included Nationwide who cut rates by up to 0.43%, Cumberland Building Society by up to 0.46%, Leeds Building Society by up to 0.30% and Tipton & Coseley Building Society by up to 0.40%.
Others included Leek Building Society by up to 0.22%, Suffolk Building Society by up to 0.20%, Principality Building Society by up to 0.15%, West Brom Building Society by up to 0.10%, Skipton Building Society by up to 0.09% and Coventry Building Society by up to 0.17%.
Meanwhile, Progressive Building Society cut rates by up to 0.16%, Newcastle Building Society by up to 0.35% on its self-employed range, Marsden Building Society by up to 0.40% on its older borrower range and Scottish Building Society by up to 0.40% on its prime and professional deals.
Moneyfactscompare finance expert Rachel Springall said: “A few eye-catching deals also surfaced this week, including a three-year fixed deal from Gen H, priced at 5.22% and available at 80% loan-to-value for house purchase customers, it carries a free valuation and does not charge a product fee.
“The fall in swap rates over the past few weeks has had a positive effect on fixed rate pricing, as lenders have moved to enhance their mortgage range. Borrowers comparing the latest deals to surface would be wise to seek independent advice to go review their options.”
