Major lenders cutting costs of fixed-rate mortgage offers

Major lenders have started to reduce the cost of their fixed-rate mortgage offers following the appointment of Rishi Sunak as Prime Minister. HSBC reduced rates on some of its fixed-rate mortgages by up to 0.11% and up to 0.22 on tracker mortgages, while Accord Mortgages lowered selected rates, including those targeting first-time buyers, by up to 0.53%. Meanwhile, Virgin Money also cut rates, with the lowest at 5.49% based on a five-year fixed rate for a buyer with a 25% deposit, paying a £1,295 fee. Adrian Anderson, of mortgage brokerage Anderson Harris, said it appeared that there had been more stability in the mortgage market since it became clear Mr Sunak would replace Liz Truss. He added: "Obviously we are still anticipating the Bank of England base rates to continue to increase because the country is still grappling with inflation. However, a lot of the fixed-rate mortgage pricing that we are currently seeing has already factored in a lot of increases." 

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