Many big mortgage lenders are in fierce competition and slashing rates. The average five-year fix is now 5.55%, down from its peak of 6.37% in August, while the two-year stands at 5.93%, down from 6.86% in July.
Santander and HSBC are the latest to join the sub 4% club for a five-year fix, whilst Barclays have unveiled two-year deals within touching distance of the 4% threshold.
Product choice rose for the sixth month in a row, reaching 5,899 options, a 15-year high. The average shelf life of a product has lengthened to 21 days, the highest level since June, indicating increasing stability in the market.
Forecasters at three leading institutions suggest the inflation rate will halve to 2% by April, potentially meaning the Bank of England could bring forward the date of its first interest rate cut.
If you need any advice on mortgages then don’t hesitate to contact Belvoir Cardiff or Belvoir Pontypridd. Both offices are linked with independent mortgage brokers who will be able to provide advice, information and tailored quotes for your mortgage needs.
Source: #Dataloft, Moneyfacts, Oxford Economics, Investec, Deutsche Bank, Santander, HSBC and Barclays, subject to conditions, fees and loan-to-value
