Barclays will cut fixed rate mortgages by 0.27 percentage points, Santander will cut by up to 0.16 percentage points, Halifax by up to 0.19 percentage points and NatWest has cut rates twice, by up to 0.23 percentage points.
The big five financial institutions are engaged in a battle to lower mortgage interest rates in order to attract new borrowers.
HSBC and Barclays yesterday announced new trading cuts for the second time in two weeks, offering hope to Britons struggling with high costs.
Barclays is set to cut some of its fixed-rate mortgages by up to 0.27 percentage points, while HSBC is also due to announce a rate cut today.
This follows a recent spate of price cuts across the market, with Santander discounting by up to 0.16 percentage points yesterday and Halifax discounting by up to 0.19 percentage points the day before.
NatWest got the ball rolling two weeks ago by slashing trading by up to 0.17 percentage points.
The big five lenders are in a battle to cut mortgage rates to attract new borrowers, with Barclays announcing it will cut fixed-rate mortgages by up to 0.27 percentage points.
It was cut a further 0.23 percentage points on Tuesday.
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Customers may see an all-out price war as lenders compete for them – a welcome relief for many who have seen their monthly repayments rise by hundreds of pounds in recent years.
Ranald Mitchell, of broker Cherwin Mortgages, said: “HSBC and Barclays have launched an all-out attack on interest rates, declaring a full-scale financial war that borrowers will surely support.”
“Many homebuyers and mortgage holders will be hoping this develops into a fully-fledged campaign.”
Yorkshire Building Society has also joined the race, slashing interest rates on some products by up to 0.20 percentage points.
The Bank of England is expected to cut interest rates as soon as next month for the first time since March 2020 after inflation fell to its target of 2%.
Customers will soon be experiencing an all-out price war as multiple lenders compete for them.
This will ease pressure on homeowners struggling with high interest rates on loans.
The average two-year and five-year fixed rate mortgages yesterday were 5.93% and 5.51%, respectively, little changed from January 1st's 5.93% and 5.54%.