Major lenders Santander and Barclays have introduced mortgage deals below 4%, signalling increased competition in the sector. These offers follow expectations that the Bank of England will continue to cut interest rates, allowing lenders to lower borrowing costs. Currently, the average two-year fixed mortgage rate is 5.48%, and the five-year average is 5.29%, but further declines are expected as lenders adjust to market trends. 800,000 fixed-rate mortgages under 3% are set to expire annually until 2027, meaning many homeowners will still face higher monthly payments. However, with the Bank of England expected to cut rates further, experts predict continued mortgage rate reductions, offering relief to borrowers. Financial experts are advising homeowners to review their options and switch to better deals where possible. The Bank of England reports that the UK economy grew slightly, by 0.1% in the last quarter of 2024. See