Lenders cut rates as competition hots up

A number of lenders have cut their rates for first-time buyers and homeowners remortgaging their properties. Last week HSBC dropped rates on 31 different fixed and tracker mortgages while Coventry Building Society dropped the interest rate on its 10-year fixed mortgage. Atom Bank, Accord Mortgages, NatWest and RBS are among the others that have cut rates. Commentators have said that the new rates are a response to increased competition in the market, and some banks missing their targets last year.

The Observer (20/01/2019)