Santander is launching a two-year fixed mortgage at a rate of 3.99%, the cheapest such deal on the market below 4%. This comes amid competition between lenders and expectations that mortgage rates will continue to fall in the coming months, even if the Bank of England opts not to cut interest rates this week.
Experts expect mortgage rates to continue on a downward trend in the coming months, even if the Bank opts not to cut interest rates Santander will launch a two-year mortgage fix at a rate of 3.99 per cent on Tuesday – the only such deal on the market below 4 per cent amid competition between lenders.
Mr Boulger said the last time a cheaper two-year rate was launched was March 2023, when HSBC offered a rate of 3.91 per cent, but the deal was pulled that same month. Aaron Strutt of Trinity Financial said that other lenders may follow suit in releasing cheaper two-year deals. Fixed rates are based on numerous factors including Swap rates, which broadly follow expectations of the future path of the Bank of England base rate.As virtually no economists expect the Bank of England to cut rates on Thursday, a hold is unlikely to trigger an increase in rates.
In 2020 and 2021, rates of below 1 per cent were available to some customers, but since then, the Bank of England increased interest rates from 0.1 per cent to a 16-year high of 5.25 per cent in the summer of 2023.
Mortgage Rates Santander Fixed Mortgage Bank Of England Interest Rates
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