NatWest has announced that it will make a range of rate reductions from Tuesday, as will HSBC.
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Mortgage experts have said it was rare for a lender to cut rates twice in a week.
“It seems like the banks and building societies are expecting a reduction in the number of property purchases, which certainly isn’t helped by the current stamp duty levels, although they are expecting more remortgages where borrowers switch to other providers to get a better deal or borrow more cash.”
These rates tend to follow long-term predictions for where the Bank of England base rate will go in the future.
In addition to this, brokers say that some reductions in rates from lenders could prompt other providers to drop rates in order to compete for customers.
He said he expected to see further repricing from some banks later this week.
Other experts have stressed that the changes are incremental, rather than dramatic.
Andrew Bailey, the Governor of the Bank, said when speaking to CNBC last Tuesday: “I think that the path of interest rates will continue to be gradually downwards. I haven’t changed my mind on that.”
Interest rates currently sit at 4.25 per cent, but markets are increasingly pricing in the likelihood of two quarter-point cuts by the end of the year.
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