BBC News - Mortgage rates show signs of falling after Iran war peak

Major mortgage lenders are making "meaningful" cuts to the rates on new deals, bringing some solace to first-time buyers hit by the economic impact of the Iran war.

Money markets are reacting to hopes of a long-term truce in the war so the recent rapid rise in borrowing costs has halted and is now starting to reverse.

In turn, lenders including Halifax, HSBC and Santander have lowered rates on new fixed mortgage deals.

"The price cuts are getting more momentum," said Aaron Strutt, of broker Trinity Financial. "These rate changes will come as a relief for many borrowers keen to get on the property ladder soon."

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