Two major mortgage lenders are cutting rates on Friday following weeks of banks increasing their prices.
Barclays will cut its cheapest five-year fixed mortgage – for those with large deposits or equity – from 4.47 per cent to 4.34 per cent, as well as making other reductions. The moves will cheer Chancellor Jeremy Hunt and Prime Minister Rishi Sunak who are hoping the benefits of an improved economy will be felt in people’s pockets in good time for the general election, expected in October or November.per cent last week, but with two members voting to cut rates, compared to just one at the last meeting.
Nick Mendes of John Charcol brokers said: “Following last week’s announcement that the bank rate would remain unchanged, there has been a noticeable shift in the swaps market.
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