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Mortgage Market Predictions for 2024

Data shows there are 1.6 million people whose fixed term deals will come to an end in 2024*. Added to this, many people will look to move home or buy their first home in 2024. What is happening with rates is therefore top on the list of concerns for many. With this in mind, Adam Nanson, Managing Director at Your Mortgage Expert gives us his Mortgage Market Predictions for 2024.Mortgage market predictions 2024

What will happen to mortgage rates in 2024?

“The Bank of England increased the base rate for over a year and a half now to try and curb inflation. At the end of 2023, The Bank of England twice held interest rates at 5.25%. As a result, many are predicting rates to finally fall in 2024 and perhaps we have now reached a peak.

“In the statement from the Bank of England in December, the overall message seemed to be that interest rates are likely to be higher for longer. As such we should expect that mortgage rates will remain high for a while.

“Most forecasters are expecting that rates will start to fall around May in 2024. And rates could get as low as 4.25% by the end of the year.**

“Over the last few months of 2023, many lenders cut rates with the expectation of interest rates falling in 2024. This can only be good news for home owners and those looking to buy in 2024.”

Should I remortgage to a fixed term deal in 2024?

“Even with mortgage rates starting to move in the right direction. Most of the 1.6 million people ending their fixed rate in 2024 will find themselves remortgaging to a considerably higher rate than they were on previously.

“Which might leave some homeowners wondering whether to move onto a fixed rate in 2024 or to hold off in case rates do start to go down later in the year or towards the start of 2025.

“Once your fixed term deal comes to an end, you will move onto your lender’s Standard Variable Rate. This will be, in most cases, more expensive than moving into a new deal. If you are worried about rates going down, then it could be that a more flexible deal might be something to consider.

“I would urge you to speak to a professional mortgage adviser like Your Mortgage Expert. We will be able to fully investigate your situation, do all the sums and establish what would be the right decision for you. Whether a new fixed term deal or something more flexible.”

What is the outlook for First Time Buyers in 2024?

“2024 could represent an opportunity for First Time Buyers. With house prices looking like they might dip slightly, 2024 could be the perfect opportunity for people to get on the property ladder. Especially now that mortgage rates are going in the right direction.

“Added to this, the Government has recently extended the Mortgage Guarantee scheme to June 2025. This, together with the other schemes available to help with affordability mean there is assistance for First Time Buyers.

“When the perfect time to get on the Property Ladder is a personal decision. But we can help assess your situation and help you understand what you can afford.”

How about Mortgages for Buy to Let investors in 2024?

“It’s been a tricky time for the Buy to Let investor. With mortgage rates climbing and increased stress tests for Buy to Lets, there has been an ongoing squeeze on investors.

“However, the combination of falling house prices, rising rents and some landlords selling off their portfolio could represent an opportunity. By purchasing in 2024, you could find you get higher yields, reduced competition and greater demand.

“If you are thinking about expanding your property portfolio, we would be happy to help. Whether you want to release equity from other properties or purchase an HMO, we can offer experienced advice.”

Your Mortgage Expert is not like other mortgage brokers. Our small, friendly team has over 80 years of experience in the mortgage and protection industry. We’ve over 80 five star reviews on Google and over 90 verified reviews on VouchedFor. And we would love to work hard for you.

We don’t charge anything up front, so by speaking to us, you are under no obligation. We are based in Salisbury, Wiltshire, but we can help you no matter where you live in the UK.

Simply call us on 01722 322683 or complete a contact us form on our website and tell us when it would be best to get back in touch with you.

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