Those with a Lloyds, Nationwide, Santander or Barclays account are being warned to wait if they are about to sign a mortgage deal. It is expected that the banks are set to bring in a round of mortgage rate cuts like Natwest and HSBC.

DerbyshireLive has reported that the lenders, dubbed the 'big four', are set to make the move to ease pressure on customers during the cost of living crisis. Lewis Shaw, the owner of the broker Shaw Financial Services, said that with NatWest following hot on the heels of HSBC, "there’s every chance we could see the remaining big four [Lloyds Banking Group, Barclays, Nationwide and Santander] come to the party this week, too.

“It would appear that lenders are struggling to get new business, and the rate tap is the only tool they can turn to.” Stephen Perkins, the managing director of the broker firm Yellow Brick Mortgages, said: “All these rate reductions are starting to feel like an avalanche … No doubt there will be more of these reductions over the week, as all lenders follow in a conga line.”

Nicholas Mendes, a mortgage technical manager at the broker John Charcol, said HSBC had “laid down the gauntlet and shown they mean business … This is their second rate reduction in a week, along with criteria changes which extend terms to 40 years.”

Speaking about the HSBC deal, Andrew Matson, head of mortgages at HSBC UK, explained that it would get more people on the housing market: “We know that home ownership is a key life ambition for many people, but affordability can be an issue. We are delighted to introduce our first-ever 40-year mortgage term to our customers.

"This move underscores our commitment to supporting aspiring homeowners in their journey onto the housing ladder. By extending the mortgage term we aim to help make mortgages more manageable with lower monthly repayments and homeownership a reality for our customers.”

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