It comes after the Bank of England raised interest rates to 4 percent last week
A new mortgage rate has been launched by a major bank which is said to be one of the 'best' deals since before the mini budget last September. HSBC is now offering a five-year mortgage under 4 percent which comes after the Bank of England raised interest rates last week.
It is the first time since September 2022 that a five-year fixed-rate mortgage has been offered by HSBC at a rate below 4%, which proves to be a good sign that the market is now settling following the turmoil from the autumn budget. Many mortgage deals vanished from the market following the mini-budget last September and when mortgages returned they were priced at significantly higher rates.According to figures from financial information website Moneyfacts.co.uk, the average five-year fixed-rate mortgage on the market at the start of January was 5.63%. By the start of February it had fallen to 5.20%.
However, the website said it has seen below 4% rates offered on 10-year fixed mortgage deals by Virgin Money and Lloyds Bank. Those borrowers that understandably decided to sit on their hands when rates went through the roof last October should now seriously consider if it’s time to take advantage of these significant improvements.
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