Overview
- Average two- and five-year fixed rates have fallen to roughly 4.86% and 4.91%, the lowest since September 2022, with the five-year average back below 5%, according to Moneyfacts.
- NatWest unveiled new 60% LTV fixes at 3.62% for purchases and 3.66% for remortgages, while Barclays cut a key 2-year remortgage to 3.71% and Santander priced select large home-mover loans from 3.51%.
- Nationwide’s lowest fix dropped to 3.58%, marking its first sub‑3.6% offer in more than three years, as high‑street lenders intensify pre‑Christmas reductions.
- Product choice has expanded to more than 7,000 mortgages, with 5% and 10% deposit deals at their highest counts since 2008, signaling broader access for well‑qualified borrowers.
- Economists and banks now expect a 25bp Bank of England cut to about 3.75%, which would typically trim tracker and many variable rates immediately, though fixed pricing is largely driven by swaps and already reflects the outlook; experts caution many on SVRs or in arrears may not benefit.