It comes off the back of the Bank of England's decision to keep interest rates unchanged for the first time in almost two years
The average rate of a five-year fixed mortgage deal has fallen below six percent for the first time in months. As interest rates have continued to climb during the cost of living crisis, homeowners across the UK have been used to seeing their monthly mortgage repayments soar.
In a close decision last Thursday , the Monetary Policy Committee said they had opted to keep the base rate, which influences how much you need to pay to borrow money, at 5.25 percent. This marks the first time since November 2021 that the committee has met without deciding to raise interest rates. Mortgage borrowers who have chunkier deposits can now choose from five-year fixed deals with rates below 5 percent. The last time that the average five-year fixed deal was below 6 percent was on July 3, when it stood at 5.97 percent, according to Moneyfacts’ records.
On Tuesday, Santander UK reduced selected mortgage rates by up to 0.50 percent. The new deals include a five-year fixed rate at 4.95 percent with a £999 product fee for people with a 40 percent deposit, down from 5.10 percent previously.
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