Huge mortgage changes announced by Barclays, HSBC and Santander - and it's good news for homeowners

dailyrecord.co.uk:

Major lenders including Barclays, HSBC and Nationwide have slashed their mortgage rates in response to the Bank of England's recent interest rate decision.

The Bank of England has trimmed its base rate from 4.75 per cent to 4.5 per cent, which will result in immediate monthly payment reductions for those with tracker mortgages.Standard variable rate (SVR) deals can also be impacted by the base rate, although it's up to individual lenders whether they choose to pass on any increases or deductions.

Typically, you'll revert to an SVR once your current mortgage deal concludes. If you're on a tracker mortgage, you can expect your monthly payments to drop by nearly £29 on average following the base rate cut.

For those on an SVR, the average saving is around £17 a month, provided the full base rate reduction is passed on, reports the Mirror.