Expert Insight Into The Best Mortgage Rates
Mortgages : 05 - 02 - 24
There is relief for prospective homebuyers according to our trusted mortgage advisors, Purley Financial Planning. We recently caught up with Directors Duncan Hodgson and Andrew Glover to gain a deeper insight into current mortgage rates and the outlook for the year ahead.
Reduction in mortgage rates
January 2024 has seen most of the major banks reduce mortgage rates significantly on the back of forecasters predicting that the base rate will start to fall earlier than previously thought. The first base rate cut is now expected in the first half of this year with more to follow in quarters three and four. A base rate of around 4% is widely predicted for the end of this year.
In anticipation of this, HSBC and Halifax have reduced some of their fixed rates by nearly 1%. With a good deposit, you can now fix at below 4.0%, a sure sign that the banks believe that the base rate will fall from its current 5.25% level in the near future.
Even with just a 10% deposit, rates start at under 5% which is a remarkable improvement on where rates were just 6 months ago, with little under 6%. This is a welcome boost for the housing market and while good advice and responsible borrowing is still vital, seeing lenders appetite to lend has made for a positive start to 2024.
Trusted mortgage advice
Andrew and Duncan will provide no obligation advice to all clients and potential clients of Andrew Lodge Estate Agents. If you are interested in an introduction, please call our team on 01252 717705 today.