New Barclays and HSBC bank account rules for customers 'start tomorrow'

Barclays and HSBC are set to cut mortgage interest rates tomorrow. Barclays has lowered rates on its residential products including the existing mortgage customer (EMC) reward 75% loan-to-value (LTV) two-year fix, which has been cut by 0.25% from 4.90% to 4.75%. This comes with a product fee of £999, minimum loan £5k and maximum loan £2m.

HSBC has announced cuts across various ranges. These include existing residential customer switching, existing residential customer borrowing more, residential first-time buyer (FTB)/home move and the equivalent energy efficient version.

Riz Malik, Director at R3 Mortgages, told Newspage: “Things are looking better for the UK mortgage market and with only a few weeks until the next base rate decision, borrowers could be hanging out the bunting this time next month." Bob Singh, founder at Chess Mortgages, said: “The markets are factoring in the next base rate cut already so things are looking rosy.”

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Managing director at Yellow Brick Mortgages, Stephen Perkins, said: "Two more high street banks are throwing their hat into the ring for cheapest mortgage rates, hoping borrowers vote for them as their lender of choice. HSBC and Barclays both announcing rate reductions for Friday following Santander, Natwest and Halifax earlier in the week, is starting to give the mortgage market real momentum.”

Emma Jones, Managing Director at, said she expects other lenders to follow suit, adding: “All of these cuts are causing a chain reaction.” Rohit Kohli, Director at The Mortgage Stop, said: “With thousands of homeowners due to come out of their fixed rates over the summer as their ultra-low 5-year rates secured in 2019 end, this will bring some relief to those stressed about how they were going to manage the increase.

“They will still face a jump in monthly payments but for someone with a mortgage of £250,000 and 25 years left to pay who has at least 25 percent equity in their home then the reductions over the previous couple of weeks have the potential to save them around £700 a year."