UK Mortgage Rates Update: August 2024

As we approach the latter half of 2024, the UK mortgage market is experiencing some promising trends. Following the first Bank of England base rate cut in four years, mortgage rates have shown signs of easing, which is welcome news for both buyers and homeowners looking to remortgage.

Recent data indicates that average mortgage rates are now hovering around 4.19% for a 5-year fixed deal at 60% loan-to-value (LTV), while 2-year fixed rates sit slightly higher at 4.59%. These rates, though higher than the ultra-low levels seen in previous years, are a notable improvement from the peaks experienced earlier in 2023. The rate cut, alongside improved buyer sentiment, has sparked a surge in market activity, with property demand rising significantly.

For those considering investing in property, this could be a strategic moment. As rates continue to decline and the market shows signs of recovery, securing a mortgage now could offer long-term benefits, especially if further rate cuts materialise over the coming months. Experts predict that mortgage rates will likely continue their gradual decline, with some lenders already offering more competitive deals.

At Match Estates, we work closely with independent mortgage advisors to provide our clients with whole-of-market advice. This partnership ensures that every customer has access to the best mortgage deals available across the market. Whether you're a first-time buyer, remortgaging, or looking to expand your property portfolio, our advisors can guide you through the process to secure a rate that suits your needs.

Now could be an opportune time to explore your mortgage options and make a strategic property investment. With rates on the decrease and market confidence growing, taking action today could position you well for the future.

Sources: (Zoopla, HomeOwners Alliance, Financial Reporter)