The last time the average five-year rate dipped below 6 per cent was 3 July, according to financial information company Moneyfacts Group
This means mortgage borrowers with larger deposits can choose from five-year fixed rates below 5 per cent.Among the deals, it is offering borrowers with a 40 per cent deposit a five-year fixed-rate mortgage at 4.93 per cent, with a £999 fee, which is 0.96 percentage points lower than in July.The new deals include a five-year fixed rate at 4.95 per cent with a £999 product fee for people with a 40 per cent deposit, down from 5.10 per cent previously.
“The important takeaway from last week for those looking to take out a mortgage soon is that the expectation that the base rate has now peaked is now the predominant view of the market, although there is still a sizeable but decreasing risk that we may see one more increase this winter. “As we approach the final quarter of this year, we are likely to see continued stability in the mortgage market persist with rates continuing to gradually drop and more lenders likely to offer sub-5% deals.”
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