Jan 05, 2024

Mortgage rates are falling!

(Information correct at the time of writing 05/01/2024)

Mortgage Rates Plunge: What Homeowners Need to Know (with Extra Details!)

Hold onto your hats, homeowners! Mortgage rates have been dropping, with the sweetest deals we’ve seen in months bubbling to the surface. But before you dive headfirst into a remortgage frenzy, let’s unpack what’s going on and how you can make the most of this  dip in loan costs.

The Lowdown:

  • Rates are falling: After months of climbing like Everest, fixed-rate mortgage rates are finally taking a tumble. This means smaller monthly payments for you, freeing up some extra money for that home cinema system you’ve been eyeing (or maybe just some extra groceries, no judgment!).
  • Base rate on hold: The Bank of England’s base rate, which plays a big role in mortgage costs, hasn’t budged in a while. This stability is like a gentle breeze pushing rates down even further.
  • Crystal balls are cloudy: Experts might think the base rate will drop more this year, but nobody knows for sure.

Feasting on the Savings:

  • Two-year fixes: Feeling flexible? These deals are now around £80 cheaper per month for every £100,000 borrowed compared to last summer. That’s enough for a fancy dinner out every month!
  • Five-year fixes: Craving long-term stability? Five-year fixed rates are also dropping, saving you about £60 per month compared to the summer heatwave. Imagine the garden upgrades you could tackle with that!

Your Remortgage Menu:

  • Ending soon? If your current fixed-rate deal is about to expire, you could remortgage to a new, lower-rate deal! You can even “lock in” a great rate up to six months before your current deal ends, so you won’t miss out if things get hotter down the road.
  • Got time to spare? Sit back and enjoy your current rate for now, unless a truly irresistible deal comes along. But remember, the best fixed rates are getting sweeter by the day, so keep an eye on the market!

Remember the Ingredients:

  • The future is a mystery: Nobody knows for sure how rates will move. Some might fall further, others might rise again. It’s like predicting the weather – always be prepared for a sprinkle or two.
  • Pick your flavor: Fixing for a longer term (like five years) gives you more payment certainty, while shorter fixes offer flexibility if rates drop even lower. Choose what suits your appetite for risk and stability.

So, there you have it! Mortgage rates are falling, offering a delicious opportunity to save money on your home loan. Whether you’re a remortgage veteran or a first-time homebuyer, there’s a deal out there waiting to be savored. Just remember, do your research, choose wisely, and enjoy the sweet taste of lower mortgage costs!

Bonus Tip: Don’t forget the side dishes! Check for any fees or early repayment charges associated with remortgaging. You don’t want a surprise bill spoiling your feast of savings.


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