The cheapest mortgage rates have fallen to below 5 per cent for the first time since July as hopes grow that the UK economy is over the worst of its inflation problems.
Yorkshire Building Society introduced a 4.99 per cent five-year fix yesterday, its cheapest deal since the end of June, and Coventry Building Society cut its cheapest five-year deal for homebuyers to 5 per cent.
Other lenders, including Barclays, Halifax and Nationwide Building Society, all cut mortgage rates this week. The rate cuts are good news for about 1.6 million homeowners whose existing deals end next year and who face much higher repayments. It is also a step in the right direction for the property market.
Fixed mortgage rates have steadily fallen since mid-July
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