As the UK economy continues to recover from the impacts of the pandemic, many people are looking to take advantage of the current mortgage rates to purchase their dream home. With lenders constantly changing their rates, it can be challenging to keep track of the best deals available. That’s why we’ve taken the time to gather the latest information on what’s happening with mortgage rates in the UK.
Recently, there has been a lot of buzz around the Base Rate, which is the interest rate set by the Bank of England. On March 23, 2023, the Base Rate increased to 4.25% from 4% in February, prompting concerns about how this would impact mortgage rates. However, Rightmove mortgage expert, Matt Smith, reports that many lenders have been reducing their rates, with some even offering sub-4% 5-year fixed rates.
This is great news for anyone looking to get a mortgage in the UK. With lenders competing for business from prospective home-buyers, it’s an excellent time to lock in a low rate and secure your dream home. However, it's important to note that mortgage rates can change quickly, so it's important to stay up to date with the latest information.
When considering a mortgage, it's also essential to look beyond the interest rate and consider other factors such as fees, penalties, and the terms of the loan. A mortgage broker or financial advisor can help you navigate the complex world of mortgages and find the best deal for your situation.
In conclusion, the current mortgage rates in the UK are constantly changing, but with lenders actively competing for business, it's a great time to take advantage of the low rates available. Make sure to stay up to date with the latest information and consider all the factors when choosing a mortgage.