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Mortgage rates have fallen after August’s bank rate cut. The average two-year fixed rate is now 4.25%, down from 4.99% a year ago, while the five-year fixed rate is 4.18%, down from 4.49%.
Swap rates, which influence fixed-rate mortgage pricing, dipped ahead of the August meeting amid expectations of rate cuts, intensifying competition in the mortgage market, where rates are now as low as 3.7%.
Interest rates have been cut five times since last August, but a split vote at the Bank of England’s last meeting has cast doubt on another reduction, previously forecast for December 2025. Further cuts are still expected, though the pace remains uncertain.
Looking ahead, the Bank of England expects inflation to peak at 4% in September before easing to its 2% target in 2027. While mortgage rates are following the influence of the Bank’s rate cuts, they are unlikely to fall significantly.
Mortgage choice slipped to 6,842 products this month, down from July but above the 6,657 available a year ago. The average shelf life lengthened slightly to 17 days, compared with 16 days last month.
Remember, if you need advice when it comes to mortgages, a Mortgage Adviser can simplify the process, improve your chances of approval, and save you money – making them a smart choice for homebuyers. To find out more, contact the team on 03454 500200 or email hello@mortgagedecisions.com.
Source: Dataloft by PriceHubble, Bank of England, Moneyfacts
Your home may be repossessed if you do not keep up repayments on your mortgage.
There may be a fee for mortgage advice. The actual amount you pay will depend upon your circumstances.
The fee is up to 1% but a typical fee is £595.
I had a great experience with Mortgage Decision and they have all my appreciation for the involvement, professionalism, dedication and efficiency they have shown. Thank you everyone! I highly recommend it!!
ConstantaThank you Matt Pickett, really thank you! Your support finding us the best mortgage out there cannot go unnoticed. We plan to use your services for many years to come!
AlvaroMortage decision were great at getting our mortgage for a shared ownership property. Helen and Matt were very helpful, answered my 1000s of questions and handled any issues that us and the mortgage company throw their way. Helen was excellent and getting in touch with us to answer all our emails very quickly. Often well within an hour. We appreciate this so much! I would absolutely recommend them and use them again.
JasmineI just wanted to say thank Megan for your help so far - it's been truly appreciated. You've made the process a lot smoother after dilemma and I’m really grateful for your support.
CharlieAbsolutely fantastic from start to finish. Megan was our advisor and took us through every step. Both Megan and Helen are extremely knowledgeable and have been very patient with us while we’ve been buying our first home. I would certainly recommend Mortgage Decisions to anyone!
Connor
