Hundreds of thousands UK households are set to be handed their biggest boost since before 2022. 900,000 households will benefit interest rates fall to pre-Liz Truss Budget levels.

Nearly one million households are coming to the end of a fixed-rate mortgage deal and will now have the option of lower interest rates Moneyfacts data shows the average rate for two-year fixed homeowner mortgages has reached 4.99 per cent.

This is down from five per cent on the preceding business day. This marks the first instance since September 29 2022 that such rates have breached this psychological barrier, when they registered 4.87 per cent.

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Adam French, the head of news at Moneyfactscompare.co.uk, described the development a

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