Coventry Building Society is the latest lender slashing mortgage rates below 4%! This comes hot on the heels of similar moves from big names like NatWest, HSBC, Barclays, Halifax, and Nationwide Building Society.

Coventry’s new deal offers a tempting 3.9% fixed rate for five years, available up to 65% loan-to-value. You’ll need £999 for the fee, but it could be worth it for the security of a low fixed rate.

Who’s offering the cheapest rates?

The battle for the lowest rate is heating up! Right now, Barclays leads the pack with an eye-catching 3.83% five-year fix for Premier customers (60% LTV) with an £899 fee. Not a Premier customer? No problem, you can still snag a rate of 3.84%.

HSBC is also in the running, offering a competitive 3.92% rate with a £1,499 fee.

What sparked this price war?

The mortgage rate rollercoaster took a dive after the Bank of England recently decided to hold the base rate. This sparked a flurry of activity, with lenders scrambling to offer the most attractive deals.

Jonathan Stinton, Coventry’s head of intermediary relationships, is optimistic that these sub-4% rates will boost the housing market. He believes the recent Bank of England announcement, coupled with the wave of rate cuts, will encourage more people to take the mortgage plunge.

What does this mean for you?

Whether you’re buying your first home, remortgaging, or looking to move, now could be a good time to explore your options. With lenders vying for your business, shop around and compare deals to find the best rate for you.