Mortgage rates have been dropping over the last few months with several lenders dropping rates to levels the UK has not seen since July
Mortgage rates are finally dropping below 5% as the Bank of England decided to keep its base interest rate at 5.25% this week.
Competition for the best deals is heightening, with several lenders having lowered rates to levels the UK has not seen since July. Nationwide and TSB have already announced cuts to their mortgage rates after the surprise Bank of England announcement yesterday, with many lenders expected to announce more in the upcoming weeks.
Yorkshire Building Society began the trend by introducing a five-year fixed-rate offer at 4.99% for both first-time buyers and those looking to remortgage. Nationwide also said it was cutting rates after the Bank of England made its announcement yesterday.
The building society said rates on its five and ten-year fixed rates for first-time buyers and home movers will now start at 4.94%. Its two-year fixes however will be around 5.5%. Virgin Money is also offering a five-year fixes at 4.97%. Other lenders have also been cutting rates too with them teetering on the edge of 5%.