According to analysis by L&C Mortgages, average two and five-year remortgage rates from the top ten lenders have fallen since the start of November.
The average two-year fixed rate from top ten lender comes to 5.38 per cent, down from 5.9 per cent at the start of the month.
This means that average monthly payment for an average two-year fixed rate is £910.41, down from £957.30 at the beginning of November.
The average five-year fixed rate is currently 5.07 per cent, falling from 5.67 per cent at the start of the month.
Monthly payments for a five-year fixed rate come to £883.01, down from £936.42 at the start of the month.
The broker noted that the average Standard Variable Rate rose to 6.3 per cent, up from 5.63 per cent previously. Monthly payments for those on the SVR now stand at £994.15, up from £932.81 at the start of the month.
David Hollingworth, associate director at L&C Mortgages, said: “The reduction in fixed rates will be welcome news to borrowers reeling from the impact of the mini Budget.
“Although base rate is expected to continue its climb, falling fixed rates will offer squeezed borrowers the chance of some budgeting certainty against an uncertain backdrop.”
He added: “Homeowners could already make substantial savings compared with the rates that were on offer only a few weeks ago following the mini Budget. Those that sought to grab a rate in the panic should review their rate to make sure it still offers the best option now the market is shifting.
“Securing a better rate now doesn’t close the door to reviewing the options and good advice should help keep borrowers abreast of change without incurring additional cost.”
