Banks will cut mortgage rates this week to their lowest levels since September 2022’s mini-budget as fierce competition between banks looks set to drive the cost of home loans down further.
On Tuesday the Co-op Bank will cut mortgage rates by up to 1.26 percentage points and release a two-year fixed-rate deal at 3.85 per cent for existing customers whose fixed deals are ending. It is the first two-year fix available below 4 per cent in 15 months. It is also releasing a five-year fix at a best-buy rate of 3.84 per cent.
Last week average mortgage rates fell to their lowest levels since June 6 thanks to large cuts by some of Britain’s biggest banks.
Four of the country’s seven largest mortgage lenders slashed