As Christmas approaches, falling mortgage rates appear to offer relief that goes beyond household budgets.

Following the changes, families with £45k combined income can borrow more than £20k extra compared with previous limits.

Prime mortgage rates now start at 4.94% following a 0.10% reduction.

Five-year fixed rates are now available from 4.72%, while two-year fixed rates start from 4.73%.

Rates have been reduced by up to 0.15%.

Buy-to-let fixed rates are currently at their lowest since the start of September 2022, according to the latest analysis by Moneyfactscompare.

Lenders are currently holding back from aggressively competing on mortgage rates, largely due to the uncertainty that comes with an Autumn Budget announcement, according to Octane...

Rising mortgage rates are affecting the residential sector more than commercial, with the latter taking a greater share of the property market in the past few years.

The buy-to-let brand of specialist lender Foundation Home Loans has announces a number of rate cuts to its core BTL range, with reductions up to 0.5% and rates now starting 5.29%.

Fleet has cut rates by 20 basis points on its existing five-year fixed rate products with a 3% fee.