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Mortgage rates falling at their fastest since the mini-budget

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Mortgage rates falling at their fastest since the mini-budget

The tide appears to be turning on mortgage rates as they fall at the fastest rate since last month’s mini-budget.

Some of Britain’s biggest lenders including Barclays, HSBC, Santander, TSB, and Coventry, Skipton and Yorkshire building societies have been cutting the cost of some fixed mortgage deals by more than half a percentage point this week.

The average rate on a two-year fix has fallen to 6.48 per cent, the lowest since October 17 and down from 6.65 per cent last Thursday, according to the data provider Moneyfacts.

Major banks are now bringing the cost of their cheapest fixed deals closer to 5 per cent than 6 per cent, shaving hundreds of pounds a year off the cost of mortgages.

Skipton Building Society cut

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