Halifax will make its second rate cut in a week, while Newcastle for intermediaries has reduced prices for landlords by up to 46 basis points, as lenders continue to ease the cost of home loans.
Halifax says it will bring down rates on Friday (6 October) across a range of products by up to 14bps, after making a range of residential cuts — including a five-year 60% loan-to-value offer at 4.93% — on Monday.
At the end of the week, the lender will reduce prices across a variety of purchase deals including for first-time buyers, new builds, large loans, affordable housing and equivalent green products.
While Newcastle Building Society’s broker-only arm today cut rates on two- and five-year buy-to-let offers by up to 46bps.
It says its deals are available for purchases and remortgages at up to 80% LTV.
Loan sizes rise to £1m at 70% LTV, to £750,000 at 75% LTV and up to £500,000 at 80% LTV.
Halifax and Newcastle for intermediaries are among a number of lenders that announced cut rates today along with such others as Skipton Building Society and Fleet Mortgages.
The cuts come after the Bank of England Monetary Policy Committee held the base rate at 5.25% last month, in a narrow 5-to-4 vote, following its previous rise on 3 August.
This has caused lenders to bet that the BoE is nearing the end of its rate-raising cycle, which saw the base rate climb 14 times in a row from December 2021.
