The average mortgages with a fixed rate fell further this week with more sub -4% fixed deals on the rise.
According to the last tariff watch from MoneyFacts, the average solution of two years and three years both today dropped 0.02%, from a week earlier, now at 5.37%and 5.23%respectively.
In the meantime, the average percentage of five years by one year is 5.21%, a decrease of 0.01% compared to the week before and 10-year-old fixes have fallen by 0.04% to 5.67%.
Among the larger banks to lower selected fixed rates this week, Lloyds, which lowered cuts to 0.31%, were virgin money with reductions to 0.68%and barclays with a maximum of 0.48%.
Santander reduced fixed rates with a maximum of 0.16% and TSB with a maximum of 0.10%.
Building Societies Made Rate Reductions This Week, Including West Brom Building Society By 0.41%, Vernon Building Society by Up to 0.26%, Bath Building Society by Up to 0.25%, Darlington Building Society By Up to 0.20%, Chorley Building Society by Up to 0.20%, Skipton Building Society by Up to 0.16%, Leek Building Society by Up to 0.10%, and Coventry Building Society by Up to 0.05%
A few more lenders moved to lower the rates such as Clydesdale Bank by a maximum of 0.12%, the mortgage provider by a maximum of 0.10%, up to 0.14%and Atom Bank with a maximum of 0.15%on ‘Prime’ fixed mortgages.
Moneyfacts Finance expert Rachel Springall says there was “positive sentiment” on the mortgage market this week.
“Fixed rate mortgages have continued with a downward trend and more brands have joined the small collection of money lenders who offer sub-4% fixed deals,” says Springall.
“The millions of borrowers that come from cheap fixed mortgages must obtain advice to navigate to the latest deals available to them, in particular because the lowest rate can wear deals. In addition to a higher mortgage interest rate now compared to 2020, we know that the mortgage product costs have risen in the same period, making it essential for borrowers to check the total costs of a mortgage, including any costs or cost-saving stimuli, and are not influenced by a low rate with a headline-learning low rate alone. “