Overview
- Average two- and five-year fixed rates have dropped to 4.86% and 4.91%, the lowest since September 2022, according to Moneyfacts.
- Santander has launched a 3.51% fixed deal for £500,000–£2m home movers at 60% LTV, while Nationwide’s floor is 3.58%, NatWest’s is 3.62% and Barclays’ is 3.71% on selected products.
- More than 20 lenders trimmed pricing last week as falling swaps accelerated cuts, with some providers reducing fixed deals by up to 0.35 percentage points.
- Product availability for smaller deposits has surged to the highest since 2008, with 476 options at 5% down and 917 at 10%, and total mortgage choices rising to 7,054.
- Markets widely expect the BoE to lower Bank Rate to 3.75% on 18 December—an outlook echoed by HSBC’s forecast—though experts warn relief skews to well-qualified borrowers and may bypass those on SVRs or in arrears.