Money blog:' Major boost' for borrowers as two banks cut mortgage rates

Two banks have announced cuts to mortgage deals in a 'major boost' for borrowers after Nationwide became the first lender to offer a rate less than 4% yesterday.From tomorrow, Barclays is reducing its deals by up to 0.1%.Some of the new rates are: TSB is making the same move on some of its First Time Buyer and Home Mover deals, but is cutting a range of its remortgage options by up to 0.2%.

'The competition for mortgage applications is heating up and, if a base rate cut comes in August, the market could be cooking on all cylinders,' he told Newspage. Hannah Bashford, director of Model Financial Solutions, added: 'Rate reductions are seriously picking up pace with multiple lenders adjusting their offerings on a daily basis. 'It's only a matter of time before we see more products under that all-important 4%.

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