Last week, the Bank of England announced the base rate would be held at 3.75%, springing the big lenders into action and reducing their mortgage rates.
Following the Bank of England holding the base at 3.75% for the fourth consecutive time, HSBC announced cuts to residential and buy-to-let mortgages from Monday 22nd June. Likewise, Santander cut rates and product fees for home movers from 18th June, Nationwide reduced fixed rates for first-time-buyers, home movers and remortgages, and Barclays slashed residential mortgage rates by up to 0.37%.
So, what does this mean for home buyers and movers?
For current mortgage customers coming to the end of their fixed rate, it certainly means a better deal could be on the table, making it the prime time to upsize or move home. For homeowners on a variable rate, their monthly payments will decrease.
On the other hand, those looking to buy their first home could take the opportunity to fix themselves into a great deal for the next 2 or 5 years, and due to monthly payments reducing, they may now have better affordability than they’d previously thought.
Not only can home buyers benefit from the new mortgage rates and FREE advice from our EXPERT financial advisors, when you buy your new home from Shropshire Homes, you can take advantage of our Helping Hands Schemes with incentives tailored to your home buying needs - whether that’s through a deposit boost, mortgage subsidy, or money towards our Personal Touches brochure for your finishing touches.
To find out more, take a look at our Help with Buying page or current developments.
Sources
https://theintermediary.co.uk/2026/06/santander-reduces-rates-and-cuts-product-fees/