Some of the UK's largest high-street banks have begun cutting mortgage rates as they look to take advantage of the pent-up demand after the election and when base rates are cut.
Both HSBC Holdings PLC (LSE:HSBA) and Barclays PLC (LSE:BARC) reduced their rates for the second time in as many weeks, with the latest changes set to come into effect tomorrow.
Barclays lowered its rates by 0.7% while the exact drop at HSBC is yet to be revealed.
Halifax, NatWest Group PLC (LSE:NWG) and Banco Santander (LSE:BNC) all reduced their fixed-rate mortgages earlier this week, with the cuts having already been brought into effect.
More lenders are expected to join the mortgage rate price war in the coming months, potentially causing banks to lower levels even further.
At the end of June, NatWest, Barclays and HSBC all confirmed a round of mortgage rate cuts.