Summer Mortgage Market Update

21 August, 2024

Exciting Developments in Mortgage Rates!

With this month's base rate reduction—the first in four years—we've seen most lenders respond swiftly, leading to significant reductions in fixed rates. We're now witnessing rates dipping below 4% for those with a 40% deposit. The current sentiment suggests that a mini rate war is on the horizon, which could provide much-needed relief for buyers who've been waiting for lower interest rates.

It’s increasingly likely that sub-4% mortgage deals will become standard, with the potential for further reductions ahead. This shift suggests that the era of higher interest rates may be behind us.

At Choice Mortgage Solutions, we offer an ongoing service where we continuously review rates for our clients. If rates drop while you're progressing with your purchase, we’ll move you to the cheaper rate at no additional cost—a benefit not all brokers or banks provide! As a Whole of Market broker, we're perfectly positioned to help you navigate these changes and secure the best deal.

Please contact your local Pearsons branch to talk through your individual circumstances or to make an appointment.