Cheapest mortgage rates fall below 5%

The cheapest mortgage rates in the UK have fallen below 5% for the first time since July, signalling a positive outlook for the economy. Yorkshire Building Society introduced a 4.99% five-year fix, while Coventry Building Society cut its cheapest five-year deal to 5%. Other major lenders, including Barclays, Halifax, and Nationwide Building Society, have also reduced their mortgage rates, bringing hope to the 1.6m homeowners whose existing deals are ending next year, as well as for the property market. The average of the cheapest two-year fixes has dropped from 6.25% to 5.9%, while the average of the cheapest five-year deals has fallen from 5.73% to 5.36%. 

The Times (16/09/2023)