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Mortgage Market Update: Your Path to Lower Rates and Better Deals

Mortgage Market Update: Your Path to Lower Rates and Better Deals
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Almas Uddin
Almas Uddin

Founder and Mortgage Advisor

Almas Uddin16 Oct 2023

Mortgage providers all over the UK are taking steps to reduce interest rates, and we're here to walk you through the most recent updates.

A Positive Trend in Mortgage Rates

Picture this: the UK's top lenders have taken note of the improving market conditions and decided to make your dream of homeownership more attainable. On the 10th of August, NatWest hopped on the bandwagon with other big banks by slashing mortgage interest rates. Curious about the numbers? Well, how about a generous 0.37% reduction on specific 2-year fixed-rate deals and an even more impressive 0.65% off 5-year fixed-rate options? And they're not the only ones – HSBC, Halifax, Nationwide, TSB, and several other mortgage providers have already taken similar steps earlier this week.

The Confidence of Lenders

But why this sudden change? Lenders are beginning to regain confidence in the market's stability. Interest rates have surged to their highest point since the tumultuous events of the 2008 financial crisis, following a relentless series of 14 rate hikes orchestrated by the Bank of England. Amidst this formidable economic backdrop fraught with challenges and uncertainties, a glimmer of optimism has gradually begun to pierce through the thick cloud of financial concerns.

Here's the good part: forecasts for the peak of the base rate have been revised downwards. Initially, experts predicted it could go as high as 6% or even more, but now it's looking more like 5.75%. Why the change? Well, it seems that UK inflation is starting to ease its grip.

Steady Economic Growth

Venturing now into the expansive world of our economic landscape, during the second quarter of 2023, there emerged promising signals for the United Kingdom's economic situation. Within this timeframe, the gross domestic product (GDP) exhibited a notable ascent of 0.2%. While this surge may, on the surface, appear somewhat measured, it conveys a comforting affirmation that apprehensions of an impending recession currently remain at bay.

Is It Time for You to Get That Mortgage?

Amidst these positive developments, you might find yourself pondering whether now is the opportune moment to start the process of homeownership. Rest assured, the current climate presents an excellent opportunity to consider your housing prospects. Mortgage brokers are there to help you through the process. Compared to just a month ago when average rates on two-year fixed deals were an intimidating 6.81%, and five-year fixes were at 6.33%, the landscape has significantly improved.

A mortgage broker can take you through the latest deals resulting from this wave of rate cuts. They'll sift through the options and pinpoint the ones you qualify for. The best part? Brokers are more than happy to kick things off with a free, no-obligation chat. So, you have nothing to lose and everything to gain by finding out how they can assist you.

Why a Mortgage Broker is Your Best Friend

While many lenders are announcing rate cuts, it's not advisable to approach them directly. Why? Because that would limit you to just one range of mortgage products. To ensure you get the best and most suitable mortgage deal tailored to your needs, you need a panoramic view of the entire market. That's where a mortgage broker becomes worth their weight in gold.

Let An Online Mortgage Advisor Assist with the Process

Now, you might be thinking, "Where do I find a mortgage brokers who's the perfect match for me?" We've got you covered. Our aim is to find a mortgage that works for you and we do that by working with you. Whatever your circumstances and whatever your needs, we will do everything possible to provide you with options that tick every box.

From start to finish, we will be with you every step of the way, giving you complete confidence in the service that we provide. Along with this, we will also provide our expertise and advice, ensuring you find the best solution for your needs.

To sum it up, the mortgage market is on the upswing, and there's no more opportune moment than the present to pursue your homeownership goals. Reach out to us and let us help you discover the right mortgage for you.

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FCA disclaimer

The content included in our articles, blogs, web pages and news publications is based on information accurate at the time of writing. Note that policies and criteria can change regularly throughout the UK mortgage lending market, and it remains essential to contact the consultation team to receive up to date guidance. The information included on the Revolution Brokers site is not bespoke to any circumstances or individual application scenarios and therefore is not intended to be used as financial advice. The content we share is designed to be informative and helpful but cannot be relied upon to provide individual advice relevant to your mortgage requirements. All Revolution team members are fully qualified, trained and experienced to provide mortgage advice of an independent nature.

We collaborate with lenders and providers who are regulated, authorised and registered with the Financial Conduct Authority (FCA). Should you require specific mortgage borrowing types, some products such as buy to let mortgages may not be FCA regulated. The Revolution team can provide further information about regulated and unregulated lending as required. Please remember that a mortgage is a debt which is secured against your home or property. Your home can be at risk of repossession if you do not keep up with the repayments or encounter any other difficulties in managing your mortgage borrowing responsibly. This also applies to any remortgage or home loan secured against your property, including equity release products.