UK homebuyers take advantage of lower mortgage rates after BOE rate cut
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LONDON — In response to the Bank of England’s recent decision to lower interest rates for the first time in four years, the UK’s major banks have cut mortgage rates, significantly reviving the housing market.
Lenders such as Barclays, Halifax, HSBC and NatWest are now offering five-year fixed-rate mortgages at rates below 4%, which is below the BOE’s 5% prime rate. The most competitive of these offers is a five-year fixed rate of 3.83% for homebuyers who can put down a 40% deposit, the latest Rightmove report revealed. This rate is the lowest since the economic fallout from the UK’s mini-budget in September 2022.
This reduction is in line with the Bank of England's adjustment earlier this month, which saw a 25 basis point reduction.
According to Rightmove anal...