Following the Bank of England’s decision to maintain the base rate and the unveiling of encouraging inflation data, we’ve seen a number of lenders reduce rates across their products, with some announcing sub-5% deals ✂
We’re also observing a gradual but consistent reduction in Sonia swap rates. Given that swap rates are one of the main tools for lenders pricing fixed-rate mortgages, a drop in Sonia swap rates indicates we are likely to see lenders make more reductions across their fixed rate products.
“This is a promising market response,” comments Sunny Budhdeo, Director of Unique Property Finance. “We’re definitely moving in the right direction. And as long as economic data continues to be positive, we could see more lenders introducing sub-5% rates and more competitive pricing across the entire market.”