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Two large UK lenders cut the costs of home loans on Tuesday as mortgage rates continued to fall on the back of an improved outlook for inflation.
The moves by Halifax and Virgin Money followed cuts by Nationwide, Barclays, TSB and HSBC last week, offering further relief to homeowners who are still facing higher borrowing costs than in the wake of last year’s “mini” Budget.
“More banks and building societies have been lowering their rates in recent weeks as they try to attract more borrowers,” said Aaron Strutt, director at Trinity Financial. “We are starting to see acceptance criteria changes to make it easier to get mortgages and even the return of lower rates being offered for a week to tempt borrowers to take action.”
Virgin is cutting costs on some products offered via brokers by as much as 0.41 per cent, while Halifax…