Two-year fixed mortgage rates are falling faster than longer-term deals as markets price in expectations for interest rate cuts from the Bank of England, making short-dated mortgage deals increasingly competitive.
Santander this week became the first major lender to offer a two-year deal of less than 4 per cent, lowering its rate for home buyers with a 40 per cent deposit from 4.28 per cent to 3.99 per cent.
Five-year rates have been cheaper than two-year rates since September 2022, according to data provider Moneyfacts, when Liz Truss’s disastrous “mini” Budget shook the market and spiked borrowing costs — which sent the UK property market into a protracted slump.
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