This move will help ease pressure on customers as the cost of living crisis continues
Anyone with a Santander, Lloyds, Nationwide or Barclays account have been issued a four day warning as the banks prepare for a big change. These large banks could be following the likes of Natwest and HSBC in announcing a new round of mortgage rate cuts.
"No doubt there will be more of these reductions over the week, as all lenders follow in a conga line", reports Birmingham Live. Lewis Shaw, the owner of the broker Shaw Financial Services, said: “There’s every chance we could see the remaining big four [Lloyds Banking Group, Barclays, Nationwide and Santander] come to the party this week, too.""It would appear that lenders are struggling to get new business, and the rate tap is the only tool they can turn to.
For the past six weeks the UK’s top lenders have now been cutting mortgage rates and last week HSBC launched its first 40-year mortgages. Andrew Matson, Head of Mortgages at HSBC UK said the deal would get more people on the housing market: “We know that home ownership is a key life ambition for many people, but affordability can be an issue.
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