Mortgage lenders slash more fixed rates to sub-5%

Rachel Springall, Press Officer / Finance Expert T: 01603 476210 E: Email Rachel

Mortgage lenders slash more fixed rates to sub-5%

Borrowers comparing mortgages may be pleased to see the arrival of more sub-5% options this week. The latest analysis from Moneyfactscompare.co.uk reveals the latest developments in the market.

Mortgage lenders slash more fixed rates to sub-5%

Borrowers comparing mortgages may be pleased to see the arrival of more sub-5% options this week. The latest analysis from Moneyfactscompare.co.uk reveals the latest developments in the market.

Within the residential mortgage sector this week: Halifax, HSBC, Yorkshire Building Society, Virgin Money, Bank of Ireland UK and Bank of Ireland UK for Intermediaries revealed new sub-5% two-year fixed mortgages. At the start of November only one lender had two-year fixed mortgages priced below 5% (Danske Bank, these deals were available to Northern Ireland only). There were no lenders offering a sub-5% two-year fixed mortgage at the start of October.
Overall, there are now 27 lenders offering a sub 5% fixed mortgage (considers lenders across any initial fixed term, e.g. up to and including 10-year offers) compared to 13 at the start of October.

Within the residential mortgage sector this week: Halifax, HSBC, Yorkshire Building Society, Virgin Money, Bank of Ireland UK and Bank of Ireland UK for Intermediaries revealed new sub-5% two-year fixed mortgages. At the start of November only one lender had two-year fixed mortgages priced below 5% (Danske Bank, these deals were available to Northern Ireland only). There were no lenders offering a sub-5% two-year fixed mortgage at the start of October.
Overall, there are now 27 lenders offering a sub 5% fixed mortgage (considers lenders across any initial fixed term, e.g. up to and including 10-year offers) compared to 13 at the start of October.

Rachel Springall, Finance Expert at Moneyfactscompare.co.uk, said:

“It’s encouraging to see cheaper mortgages on the market for borrowers, particularly the return of two-year fixed mortgages priced below 5%. This is great news for those who do not want to commit to a longer-term fixed deal. Several large lenders have slashed fixed mortgage rates and there is much anticipation for more cuts in the coming weeks. As we head ever closer to the year-end, lenders will be weighing up both the current competition and their own lending targets, so it’s a promising market for consumers looking for a new deal.

“As always, it is imperative borrowers assess the overall true cost of any mortgage deal instead of assuming the lowest rates are the best choice, as some of the lowest priced deals carry high fees or few incentives. Seeking independent advice to weigh up all the options is wise, especially if borrowers have limited upfront cash to pay for any product fees or legal costs.”

Rachel Springall, Finance Expert at Moneyfactscompare.co.uk, said:

Notes to editors

Pioneering financial comparison technology for over 35 years.

Moneyfacts Group plc is the UK’s leading provider of retail financial product data. Used by virtually every bank and building society in the UK, and supplied to the Bank of England, Financial Conduct Authority, Financial Ombudsman Service, HM Treasury, Prudential Regulatory Authority and UK Finance.

Our expert research team monitors the thousands of mortgages, savings, credit card, personal loan, business banking, life, pension and investment products in the UK.

Moneyfactscompare.co.uk is the financial product price comparison site, launched as Moneyfacts.co.uk in 2000 and rebranded to Moneyfactscompare.co.uk in 2023, which helps consumers compare thousands of financial products, including credit cards, savings, mortgages and many more. Unlike other comparison sites, Moneyfactscompare.co.uk shows whole of market data regardless of commercial bias, showing consumers a true picture of the best products based on the criteria they select.

We hope you find this press release insightful. We would appreciate a link back to Moneyfactscompare.co.uk if you decide to source this information.

For more information about us please see our key facts.

Broadcast

Our broadcast suite enables our finance experts to appear in-vision for television, and we regularly comment live on national and regional radio.

To arrange an interview for radio or television, please contact our press department. We have an in-house broadcast room.

Notes to editors

Pioneering financial comparison technology for over 35 years.

Our expert research team monitors the thousands of mortgages, savings, credit card, personal loan, business banking, life, pension and investment products in the UK.

We hope you find this press release insightful. We would appreciate a link back to Moneyfactscompare.co.uk if you decide to source this information.

For more information about us please see our key facts.

Broadcast

Our broadcast suite enables our finance experts to appear in-vision for television, and we regularly comment live on national and regional radio.

To arrange an interview for radio or television, please contact our press department. We have an in-house broadcast room.

If you're looking for extra comment, a chart or more information, then please give us a call. We are always more than happy to help.

James Hyde Press & PR Manager

T: 01603 476205

E: Email James

Rachel Springall Press Officer / Finance Expert

T: 01603 476210

E: Email Rachel

Caitlyn Eastell Apprentice Press & PR Assistant