Trump’s tariffs may be causing global mayhem but they could make cuts in the base rate and mortgage rates more likely.

That’s because the Bank of England may have to reduce it at a faster-than-expected pace to combat the negative impact it will have on the UK’s businesses.

Leeds Building Society’s in-house economist, Martin Temple, said: “The recent tariffs announced by the US Government on UK exports may seem a world away from decisions consumers might want to make on taking out a new mortgage deal or considering which savings products to choose.

“However, the market reaction seen over the last couple of days suggests the Bank of England may be even more likely to reduce the base rate by another 0.25% to 4.25% when they next meet on 8 May.

The money markets are now predicting there could be three, possibly four, base rate reductions this year which would bring it down to 3.75% or even 3.50%.

A number of lenders, including Barclays, Coventry Buidling Society and buy-to-let lender Zephyr, have already announced they are reducing their mortgage rates.

Below is a selection of this month’s best buys from Moneyfacts.co.uk:

Two-year fixed rates: 4.13% from first direct. Product fee £490. 60% LTV.
4.14% from Nationwide BS. Product fee £999. 60% LTV.

Three-year fixed rates: 4.09% from first direct. Product fee £490. 60% LTV.
4.18% from Nationwide BS. Product fee £999. 60% LTV.

Five-year fixed rates: 3.99% from first direct. Product fee £490. 60% LTV.
4.04% from Nationwide BS. Product fee £999. 60% LTV.

Discounted variable: 4.29% For 3 years. From Newbury BS. Product fee £850. 75% LTV.
4.29% For 2 years. From Progressive BS. Product fee £0. 60% LTV.

BUY-TO-LET (BTL)

Best two-year fixed rate: 3.24% from The Mortgage Works. Arrangement 3.00% Advance. 65% LTV.

Five-year fixed rate: 3.94% from The Mortgage Works. Arrangement 3.00% Advance. 65% LTV

Best Discounted variable: 3.50% For 2 years. From The Stafford BS. Booking £100. Arrangement 5.00% Advance. 75% LTV.

The information we provide is our personal opinion and should not be relied upon for financial advice. Should you need financial advice or guidance please contact an appropriate professional.