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TSB and NatWest have announced they are cutting rates ahead of Chancellor Rachel Reeves' Autumn Budget. There are rate cuts of up to 0.2% from TSB and up to 0.21% from NatWest, with the most generous reductions for the shorter-term deals, such as a 2-year fixed. Similarly, Barclays announced several fixed-rate cuts for those looking to move home or buy their first home, by up to 0.1% – and HSBC and Santander also revealed a cut to their rates. Read more: Rarest 50p coins worth over £200 as people urged to 'check change' ustin Moy, Managing Director at Chelmsford-based EHF Mortgages , said: "Some significant changes in individual products with both lenders, the trend of shorter 2-year deals becoming cheaper than the longer 5-year options continues, but that doesn't mean they are the best products, as borrowers should look for advice from a qualified broker before they proceed with any change of deal or application. “It's likely to be a quiet few weeks whilst buyers wait for Budget news, but those with expiring mortgage deals can jump in now and grab a decent new rate. Vijay Rabadiya, Founder & Director at Borehamwood-based The Mortgage Vine , said he had seen a “turning point in sentiment". He added: "Lenders have been cautiously holding back for much of the autumn, waiting to see how market conditions would play out before the Budget. "The fact that multiple high-street names have moved almost simultaneously shows renewed appetite to capture early pipeline business before the year end. "The sharpest cuts are on 2-year fixes, which suggests lenders are confident that rates have peaked but are not yet ready to commit heavily to long-term reductions. "That’s a strong signal that banks believe inflationary pressure is easing and that we may be at the top of the interest-rate cycle. “We’ve reached a turning point in sentiment. Falling swap rates are giving lenders the confidence to compete again, and borrowers are the winners... for now. "But with global markets still sensitive to inflation and policy shifts, this window of opportunity could be short-lived. Acting early could be the difference between securing a market-low rate and missing the wave.” Join our dedicated BirminghamLive WhatsApp community for the latest updates sent straight to your phone as they happen. You can also sign up to our Money Saving Newsletter which is sent out daily via email with all the updates you need to know on the cost of living, including DWP and HMRC changes, benefits, payments, banks, bills and shopping discounts. Get the top stories in your inbox to browse through at a time that suits you.
