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At Mortgage Decisions, it is noteworthy that several major lenders have recently introduced mortgage deals with interest rates below 4% for loans with a 60% loan-to-value ratio.
Typically, interest rates are lower for those with larger deposits; however, even in this scenario, rates have remained stubbornly above 4% over the past year, especially for 2-year fixed deals. The anticipated cuts from the Bank of England have taken longer to materialize than expected.
Following the Bank of England’s decision to lower rates in its February meeting—from 4.75% to 4.5%—and with consensus forecasts predicting rates could drop to 3.75% by the end of the year, lenders are now feeling more confident and competitive.
While these sub-4% rates are primarily available to borrowers with larger deposits, this development signifies a positive shift in market sentiment and indicates potential movement in rates for other products in the coming months.
This surge in competition within the mortgage market is encouraging news for borrowers.
Your home may be repossessed if you do not keep up repayments on your mortgage.
There may be a fee for mortgage advice. The actual amount you pay will depend upon your circumstances.
The fee is up to 1% but a typical fee is £595.
Jon and Mark at Mortgage Decisions were really useful. They have made the mortgage process as simple for us as possible, and have been very good at responding to emails/calls etc, ensuring the process has run smoothly.
AndyAbsolutely fantastic from start to finish. Megan was our advisor and took us through every step. Both Megan and Helen are extremely knowledgeable and have been very patient with us while we’ve been buying our first home. I would certainly recommend Mortgage Decisions to anyone!
ConnorI just wanted to say thank Megan for your help so far - it's been truly appreciated. You've made the process a lot smoother after dilemma and I’m really grateful for your support.
CharlieThe process of securing a mortgage was made very swift and painless by Gavin & Helen at Mortgage Decisions. Very responsive & helpful at every stage. Thank you for making this potentially stressful process quick and easy.
RobThe confusing process of buying a house was made clear and easy thanks to the great work from Simon. Could not of asked for anything more. Cheers mate.
Luke
