Which? comments on biggest drop to average two-year fixed mortgage rates since 2022
Ele Clark, Senior Money Editor at Which?, said:
"While it's good news for homeowners that mortgage rates have fallen, they're still far higher than they were a couple of years ago. Many borrowers coming off fixed-term deals will be confronted with much steeper repayments than they have been used to.
"If you're concerned about making your monthly repayments, the first port of call is to talk to your lender, which is obliged to offer you support. Temporary support options may include taking a payment holiday, extending the term of your deal or only paying the interest on your borrowing. With the number of borrowers falling into mortgage arrears growing, it's crucial that the regulator makes sure banks are offering appropriate levels of support to customers.
"To understand how much you can borrow when taking out a mortgage and how much your monthly repayments are likely to be, Which? Money offers several mortgage calculators."
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Notes to Editors