Boost for borrowers as three major UK banks reduce their mortgage rates in latest sign of relief for...

HSBC, Barclays and TSB revealed that they were cutting the cost of home loans – in the latest sign of relief for households, who are also benefiting from falling inflation.

The lenders’ move comes just days after the Bank of England indicated it could lower interest rates as soon as next month. David Hollingworth, associate director at L&C Mortgages, said there was ‘every chance’ that more banks would follow The Canary Wharf headquarters of Barclays Bank. Barclays is cutting rates on some of its deals by up to 0.45 percentage points. The rate on one of its five-year fixes, for borrowers remortgaging with a 40 per cent deposit, will go down from 4.77 per cent to 4.32 per centMeanwhile, Barclays is cutting rates on some of its deals by up to 0.45 percentage points. The rate on one of its five-year fixes, for borrowers remortgaging with a 40 per cent deposit, will go down from 4.77 per cent to 4.

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