Many two, three, five and ten-year fixed rate mortgages lower than the Bank of England base rate

by Aaron Strutt

Apr 02 2023

Mortgage lenders are providing two, three, five and ten-year fixes that are lower than the 4.25% Bank of England base rate.

Banks and building societies have been improving their fixed rates rather than increasing them. This is possible because the cost of funding is not directly linked to the Bank of England base rate. 

The cheapest mortgage rates are available to borrowers with larger deposits, typically between 40% and 25% of the property value.

Aaron Strutt, product director at Trinity Financial, says: "There is a pretty long list of rate improvements since the latest Bank of England base rate hike.

"While fixed-rate mortgages are not as cheap as they used to be, they are improving. Many of the best buy mortgages are available through lenders like Halifax, Santander, Barclays and Nationwide."

Here is a summary of the latest rate changes: 

• Accord Mortgages (owned by Yorkshire Building Society) has reduced its fixed rate offerings by up to 0.64%. 
• Bank of Ireland UK for Intermediaries has reduced its two-year fixed rates by up to 0.30%. 
• Virgin Money has lowered its 'intermediary exclusive fixed rates' by up to 0.21%.
• Metro Bank for Intermediares has reduced some fixed rates by up to 0.90%. Its larger mortgage loan rates have come down by up to 0.80%. 

Nationwide for Intermediaries announced it was reducing the price of many of its mortgages just hours after the last base rate hike. Other lenders have been quick to follow.

Call Trinity Financial on 020 7016 0790 to secure a mortgage or book a consultation 

The actual rate available will depend on your circumstances. Please ask for a personalised mortgage illustration.

Your mortgage is secured on your property. Your property may be repossessed if you do not keep up repayments on your mortgage