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The Bank of England has raised interest rates again by 0.25% to 5.25%.

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HSBC is the first high-street bank to cut mortgage rates after better than expected inflation figures last week.

The bank said rates across 16 mortgage deals would fall from 26th July, while smaller lenders also announced reductions.

HSBC has cut its standard two-year fixed mortgage rate from 6.24pc to 6.14pc for those re-mortgaging  - a drop of 0.1 percent.

Its five-year fixed rate mortgage for those re-mortgaging has fallen to 5.64pc from 5.84pc.

It comes after official figures last week showed inflation eased to a 16-month low of 7.9pc in the year to June. This was down from 8.7pc in May and well below the 8.2pc expected by economists.

Average mortgage rates dipped slightly for the first time since May the day after the figures were released

The Telegraph

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Figures from the Office for National Statistics show the annual rate falling again in April to 3.5%, compared to 4.1% in March - the sixth consecutive monthly fall.

The average UK house price stands at £286,000, which is up £9000 in a year but down £7,000 since September 2022, when prices peaked.

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AT A GLANCE

Homeowners will not be forced to have their properties repossessed within 12 months from their first missed payments.

People will be able to switch to an interest-only mortgage for six months - or extend their mortgage term to reduce their repayments and switch back to their original term within the first six months - without an affordability check or affecting their credit score.

Customers approaching the end of a fixed-rate deal will be able to lock in a new deal up to six months ahead and be able to apply for a better deal up until the new term starts if one is available.

Those worried about their mortgage repayments can call their lender for support and information without it impacting their credit score.

Homeowners who are up-to-date with payments will be given support to switch to a new mortgage deal at the end of their existing fixed-rate deal without another affordability check.

Daily Mail

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The Bank of England has just increased interest rates by 0.5%, taking interest rates up to 5.0%

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