Leeds Building Society and Halifax are first out of the blocks with lower mortgage rates.
The lenders have each announced mortgage rate cuts, continuing the trend of the last quarter of 2023, where costs ticked down as the year came to an end.
So, what’s new?
Leeds Building Society
Leeds has reduced rates on products across its mortgage range.
Stand-out products include a 4.6 per cent two-year fixed rate mortgage, available up to 75 per cent of the property’s value. This runs until 31st March 2026 and is then followed by a three-year discounted rate of 7.49 per cent.
There is also a two-year fixed rate at 5.59 per cent, available up to 95 per cent of the property’s value. This runs until 31st March 2026 and is then followed by three-year discounted rate of 7.49 per cent.
Both of these deals come with a free valuation and completion fee of £999.
The lender has also introduced a five-year fixed rate up to 95 per cent for shared ownership purchases.
Matt Bartle, director of products at Leeds Building Society, said: “In 2023 the mortgage market was constrained due to the ongoing pressure of the increasing cost of living, but as a lender we want to play our part to try to overcome the hurdles people face and help more people into homeownership.”
Halifax rate cuts
Halifax has reduced rates on its remortgage, product transfer and further advance products by up to 0.92 percentage points.
For remortgage products, two, five and 10-year fixed rates have been cut by up to 0.83 percentage points and completion dates have been extended by one month.
An example includes its two-year fixed rate with £999 fee up to 75 per cent loan to value (LTV), which has been cut by 0.83 percentage points to 4.81 per cent.
Product transfer and further advance products have fallen by up to 0.92 percentage points.
