Santander and Barclays cut mortgage rates below 4% as market picks up.

Published On Feb 12, 2025, 7:01 PM

The recent launch of mortgage deals below 4% by major lenders like Santander and Barclays signifies increased competition in the mortgage sector, aided by the Bank of England's base rate cuts. While this is positive news for some borrowers, these deals come with strict eligibility criteria. Currently, the average rate for a two-year fixed mortgage is 5.48%, and for five-year deals, it's 5.29%. Market experts anticipate more lenders will follow suit with lowered rates, benefiting many mortgage borrowers looking for refinancing options.