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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.
Helen and Matt worked effectively and efficiently to achieve a mortgage deal for us. Highly recommend Mortgage Decisions and this team for keeping in touch regarding the progress throughout.
CustomerKevin was immensely helpful and approachable. He was knowledgeable and gave me all the information that I needed to make the right decision for me and my circumstances.
JennieI 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.
CharlieSimon has been great, really in-depth advice and only ever a phone call away. We would highly recommend !
SamThe 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
