The long-awaited decline in mortgage interest rates has finally occurred. For the first time since February, rates have dropped below 4%, with the lowest offer at 3.99%. This presents a significant opportunity for homebuyers and those looking to remortgage.
The base interest rate remains at 5.25%, a level that has persisted for nearly a year. Experts predict that if there is a 0.25% rate cut in the coming months, five-year fixed mortgage rates could decrease to as low as 3.5%. The upcoming interest rate meeting of the Bank of England is being closely monitored.
The lowest mortgage rate currently available is 3.99%, offered to new customers seeking to purchase a home with a 40% down payment. The most affordable two-year fixed-rate mortgage on the market is at 4.41%.
The decline in fixed mortgage rates provides substantial relief for borrowers. Whether this trend will continue and if interest rates will fall further depends on the decisions of the Bank of England.
At Lex Home, we are delighted to accompany you on this journey with our team of experts! We will be by your side in choosing your home, managing the purchasing process, renting out your property, and handling all other management tasks.
