Santander and Barclays cut mortgage rates below 4% as market picks up.
Some tracker and variable rate mortgages move fairly closely in line with the Bank’s base rate, which was cut to 4.5% a week ago. However, more than eight in 10 mortgage customers have fixed-rate deals.
The interest rate on this kind of mortgage does not change until the deal expires, usually after two or five years, and a new one is chosen to replace it.
About 800,000 fixed-rate mortgages, currently with an interest rate of 3% or below, are expected to expire every year, on average, until the end of 2027.
That means a higher monthly bill for many homeowners on their next renewal, but there are signs that the rate they could pay is on its way down.
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