Major lenders continue battle for customers before Bank of England's decision tomorrow
The UK’s second biggest mortgage lender, NatWest, is cutting the cost of their mortgage deals by up to 15 per cent.
Tomorrow the Bank’s Monetary Policy Committee will decide whether to keep the base rate at 5.25 per cent tomorrow or whether to cut to 5 per cent.Nick Mendes of broker John Charcol said: “We can anticipate the downward trend in fixed-rate costs to continue into next year, as markets price in further bank rate cuts and lenders use every opportunity to stay ahead of the competition by actively passing on reductions in swaps.”“With this in mind a 3.
“Lenders’ reaction to any cut may be slow to come through, though, as I believe they have already priced a reduction into their current lending models. All eyes are now firmly set on Thursday at midday.” An estimated 91,370 transactions were made. Although higher year-on-year, it was slightly lower than in May 2024.
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