Rachel Springall, of analysts Moneyfacts, said: “Mortgage rates continue on the downward trend and November was particularly fruitful for fixed rate cuts.
“The re-pricing by lenders led to the average five-year fixed rate dropping below 5pc for the first time in over two years and sits at its lowest point since before the ‘mini-Budget’ in September 2022, alongside its two-year counterpart.”
Hina Bhudia, a partner at Knight Frank Finance, said: “The Budget removed some uncertainty over the path of borrowing costs, which is giving lenders the scope to keep trimming mortgage rates.
“This bodes well for 2026. Purchasing activity is running in line with 2019 levels despite this period of fiscal uncertainty, suggesting there is pent-up demand among purchasers. We should see that released as mortgage rates drift lower and we move into the new year.”
Jack Tutton, of brokers SJ Mortgages, said: “The market is hotting up due to the strong prediction of a Bank Rate cut before Christmas and potentially more cuts to come in 2026.
“Mortgage holders will be hoping that these cuts are a gift that keeps on giving and more reductions from more lenders will follow.”
