A competitive mortgage price war has erupted in the UK, with lenders like Santander, Barclays, and Nationwide offering deals below the 4% mark for the first time since November. This shift follows the Bank of England's cut of the base rate to 4.5%, encouraging lenders to offer more attractive mortgage options amidst increasing demand. However, experts warn that global economic uncertainties and upcoming inflation trends may affect the sustainability of these low rates. The rising momentum in the housing market is further evidenced by a record increase in mortgage applications, particularly among buyers aiming to avoid escalating stamp duty costs.
The return of lower mortgage rates, combined with buyers rushing to beat the stamp duty deadline, has driven market activity.
Experts caution that global economic uncertainty and upcoming inflation data could influence how long these deals will remain available.
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