Barclays meanwhile is slashing rates on a range of products including five-year fixed deals by up to 0.45%.The governor of the BoE, Andrew Bailey, said last week after the MPC announced its decision to keep base rate the same, there was "encouraging news" on inflation but "more evidence" it will stay low was needed before it would consider slashing rates.
"It's a hopeful sign that lenders are beginning to adjust their offerings in a way that could make homeownership more accessible and affordable. "These reductions from Barclays are good ones, and I now expect more of the major lenders to follow." If you're remortgaging and your loan-to-value ratio has changed, this could also give you access to better rates than before.If you have a fixed rate, you could see higher rates when you come to the end of the current term after the BoE hiked interest rates from 2022 and into last year.