Mortgage relief as big lenders cut 020 Foxt rates on 100 deals

MORTGAGE rates are falling on more than 100 deals in a welcome move for borrowers with more cuts soon predicted by experts.

- Emily Braeger

Barclays are today are expected to cut fixed rates on purchase and remortgage deals by up to 0.45 percentage points and reduce one of its five-year fixes from 4.77% to 4.32% for borrowers remortgaging with a 40% deposit.

High street lenders, including HSBC will also curb interest rates on more than 100 of its deals fixed at two, five and 10 years available for both homeowners and landlords.

TSB has also reduced some of its two and five-year deals by up to a 0.1 percentage point.

The news will be a relief for borrowers who have faced months of rising mortgage rates.

It is expected that other lenders will follow suit after the Bank of England indicated that central interest rates could drop soon after holding them at 5.25% for the sixth time in a row. June has been suggested as the month for a fall.

Hina Bhudia, of Knight Frank Finance, said: "HSBC already had many of the cheapest deals on the high street, so this is quite a statement of intent.