At the end of July, Nationwide released a five-year fixed rate mortgage priced at 3.99%, marking the first time the mortgage market has seen a sub-4% deal since February.
The first month of the new year has seen Halifax, the UK’s biggest lender, cut interest rates by close to a whole percentage point. Interest on their two-year fix was cut by 0.83%, with HSBC swiftly following suit by introducing new deals including a five-year fix at 3.94%.
There is growing confidence amongst mortgage brokers that we will see the return of sub-4% mortgage rates before summer 2024, following the Bank of England’s decision to once again maintain the base rate of interest at 5.25%.