Hope for homeowners as big lenders slash their mortage deals

THE property market kicked off the new year with a bang as lenders slashed mortgage rates, sellers reduced asking prices and analysts predicted up to six interest rate cuts 2024.

- Sarah O'Grady

Homeowners hoping for a quick sale are asking an average £8,500 less than before.

And Halifax, Britain's biggest lender, fired the first shots in the home loan war, cutting up to 0.83% from two, five and 10-year fixed-rate remortgage deals.

L&C Mortgages associate director, David Hollingworth, said: "These cuts are just the latest salvo in an increasingly fastmoving market.

"They are some of the lowest since the spike in the base interest rate last summer.

"Although borrowers coming to the end of their current fixed-rate this year will still be looking at a rise in payments, these new lower rates will at least take some of the sting out of the inevitable rise.