Relief for Borrowers as Mortgage Providers Lower Rates Amid Price War

The biggest UK mortgage lenders have been reducing the cost of fixed-rate deals since the beginning of the new year, amid an ongoing mortgage price war. The latest banks to announce cuts to the offered home loan deals by up to 0.82 percentage points are Barclays and Santander. Barclays is now offering a two-year fix at 4.17 percent, while Santander has set a five-year fixed deal at 3.89 percent. According to the data analysis firm MoneyFacts, average mortgage rates on the overall two and five-year fixed rate deals have gone down for a fifth consecutive month. In the period between the start of December last year and the beginning of this month, the overall average two and five-year fixed rates fell to 5.93 percent and 5.55 percent, respectively....