UK

British banks poised to cut mortgage rates

Reductions attributed to the stabilisation of swap rates and expectations that inflation is cooling

It comes as the Bank of England last week raised base interest rates from 5.00 per cent to 5.25 per cent - a 15-year high. Picture: Mike Kemp

Some of UK’s biggest lenders are set to make mortgage rate cuts this week.

Nationwide Building Society has announced reductions of up to 0.55 percentage points on its fixed mortgage products from Wednesday.

HSBC UK is also expected to make rate cuts to residential mortgages on Wednesday, although the bank has not yet given details, while TSB is making reductions of up to 0.40 percentage points to selected five-year fixed homeowner mortgages, with rates starting ...