Homeowners and prospective buyers are facing a mortgage boost as lenders collectively battle for business and drop rates as low as 3.51 per cent.
Those on fixed-term five-year deals taken out during the post-lockdown buying spree in 2020 will have been watching with concern as they would be due to renew at the end of this year. At the time, they would have been on mortgage products with extremely low interest rates attached – but across 2022 and 2023, rates rose rapidly to combat inflation.
