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Mortgage rates have quietly but steadily fallen to their lowest levels in three months, offering a glimmer of good news for homebuyers and those looking to remortgage.
Five of the UK’s biggest lenders have lowered their mortgage rates in recent days, suggesting a shift in sentiment – and more lenders are expected to follow.
Among the most competitive deals on the market right now:
- Halifax has launched a 3.84% two-year fixed deal aimed at homebuyers.
- Barclays is offering a 3.92% five-year fixed for those needing to remortgage.
- MPowered Mortgages has introduced a 3.88% three-year fixed for buyers with at least a 40% deposit.
However, Nationwide is now leading the market with a 3.81% two-year fixed, available to new and existing customers with a 40% deposit. This deal carries a £1,499 fee.
These rates are a marked improvement compared to where we were just a few months ago. And with more sub-4% products emerging, we expect buyer confidence to grow, especially among those who were previously holding off.
What does this mean for you?
While the rate cuts have been modest so far, they represent a notable change in direction. Lenders are clearly beginning to compete for business again, and this may mark the start of a more buoyant mortgage market.
If you’re considering buying a home, remortgaging, or switching your current deal, now is the time to review your options.
We expect further changes in the coming weeks, and those who act early may lock in better rates before they’re pulled or repriced.
Contact us today to discuss your options on 0208 364 3444 or click here to schedule a free consultation call.