Mortgage Rates start to fall
Finally, there’s been some positive news for home owners and buy to let investors as mortgage rates have started to fall throughout July and August*. Fixed rate, variable rate and buy to let products have dropped as lenders fight for new borrowers. Adam Nanson from Your Mortgage Expert comments on what this means for home owners and First Time Buyers.
Why are mortgage rates starting to fall?
“Mortgage Rates in the UK have been rising since the start of 2022. This has made the last few years very challenging for home owners and Buy to Let investors. So it’s very welcome news that mortgage rates have started to fall.
“In August, the Bank of England finally reduced the base rate to 5% which was the first reduction in four years. In line with this, the banks seem keen to compete for business and we have seen mortgage rates start to fall across the board.
“Data from MoneyFacts shows that a number of the UK’s lenders have brought down their mortgage rates recently. This has resulted in many smaller lenders following suit as lenders attempt to entice new borrowers.
“According to MoneyFacts, during August, we saw an increased number of below 4% fixed deals enter the market. And, average mortgage rates for two and five year fixed rate deals fell by 0.18% and 0.15% month on month.”
How can a mortgage broker help?
“We always know when mortgage rates are falling because we get real time alerts from lenders. And we have received lots of those over the last few weeks!
“Not only do we have a direct line to lenders, we also have technology to enable us to compare 1,000s of mortgages from multiple lenders. This includes specialist lenders who are not available to you directly. As well as broker only deals which are exclusively available to certain brokers and mortgage clubs.
“It is also worth noting that the average length of time that a mortgage deal is available for 17 days**. This means that – if you see a mortgage deal that you want – you need to lock that deal in quickly or risk losing it. By using a mortgage broker, we do the hard work for you and can act fast to ensure you don’t miss out on a current deal.”
Your Mortgage Expert is not like other mortgage brokers. Our expert, friendly team has over 80 years of experience in the mortgage and protection industry. We’ve over 100 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 our mortgage advisers, 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.
*Source: https://www.buyassociationgroup.com/en-gb/news/mortgage-rates-improving/
**Source : https://moneyage.co.uk/Average-mortgage-product-shelf-life-drops-to-17-days.php