Your mortgage is about to get a summer break

As three of the biggest mortgage lenders reduce their rates – in advance of the Bank of England’s long-awaited interest cut – the five-year, fixed-rate mortgage that’s under 4 per cent will soon be a reality, says James Moore

Three of the biggest lenders – HSBC, Barclays and NatWest – have reduced their base rates ahead of an anticipated Bank of England interest rate cut (Alamy/PA)

As predicted here, mortgage rates have started falling. Barclays, HSBC and NatWest have all taken out their shears and cut their prices.

We are seeing something that has been no more common than an electioneering politician being honest with voters – genuine good news for borrowers.

The downward shift applies to fixed-rate products; the two- or five-year deals which are the most popular among the UK’s hard-pressed corps of homeowners and prospective homeowners.