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HSBC has become the latest lender to cut mortgage rates amid predictions that more banks and building societies will follow suit in the coming weeks.
The UK's average two-year mortgage rate fell to 5.92% on Wednesday, according to Moneyfacts. Both Halifax and Leeds Building Society slashed deals earlier this week.
Some lenders are now charging a percentage of the mortgage balance as a fee - which could add thousands of pounds to the cost of a borrower's loan.