Barclays, HSBC and TSB customers 'relieved' over new rules for accounts

James Rodger

16 May 2024 at 11:12 am·2-min read

Mortgage holders at Barclays, TSB and HSBC are "relieved" after the lenders slashed mortgage rates. TSB, Barclays and HSBC are all cutting rates on home loans by up to 0.45 per cent from tomorrow with brokers calling the move a "beacon of hope".

TSB is dropping rates on two and five-year first time buyer, home mover and two year fixed remortgage deals by up to 0.1%. Barclays is slashing rates on a range of products including five-year fixed deals by up to 0.45%.

HSBC is dropping rates on over 40 home loan products. Dariusz Karpowicz, Director at Albion Financial Advice, said: "There is finally some light at the end of the tunnel. Barclays has just announced reductions in mortgage rates across their residential purchase and remortgage products, which is a refreshing change from the recent trend of rate hikes.

"This positive news from one of the main lenders could be a response to the encouraging signs from the US economy and might indicate a shift towards more favorable borrowing conditions. Such rate cuts are particularly welcome at a time when the market has been under significant pressure, offering some relief to both new buyers and those looking to remortgage.

"It's a hopeful sign that lenders are beginning to adjust their offerings in a way that could make homeownership more accessible and affordable. If other lenders follow suit, we could see a more competitive mortgage market, benefiting borrowers across the board."

Craig Fish, from Lodestone, said: "Just recently we have seen SWAP rates reducing in line with the positive commentary and data emerging from the Bank of England. Even if they aren't all ready to reduce rates yet, we do at last have a lender that is on the side of borrowers. These reductions from Barclays are good ones, and I now expect more of the major lenders to follow."

Mortgage Shop's Gary Bush said: "And then suddenly Barclays Bank rides in over the hilltop with an amazing set of mortgage rate reductions of up to .45% from tomorrow 17th May 2024. With the markets predicting lower rates could this be the start of something real good with other lenders all rushing in to keep up with Barclays - and then as soon as I put my quill pen down HSBC alerts that they are also dropping all of their rates. Let's hope this is finally the drive downwards that UK households need to assist their monthly budgeting."

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