Market Update
The Bank of England has held the base rate at 5.25% for a fifth time; however there are signals to potential future reductions in 2024 given the report that there are encouraging signs of falling inflation.
Inflation was reported at 3.40% in February, this is the weakest rate since September 2021. Following the cost of living crisis reports over the past 12-18 months and inflation peaking at 11% in October, this is positive signs for the economy and signals potential future BoE base rate cuts in the not too distant future.
Mortgage Rates have been largely untouched and remained flat since a slight rise in February following the drops in January. SWAPs rates, the rates lenders borrow money from, normally signal reductions a few weeks prior to an expected BoE base rate cut, therefore it could be a few weeks before we see the potential knock on effect to mortgage consumers. It’s highly likely once we have strong signals a base rate cut in on the horizon we can then expect to see some potential drops in mortgage-rates. Here’s hoping!
First Time Buyers Fixed Rates
| Lender | Rate | Loan to Value | Rate Type |
| Nationwide | 5.54% | 95% | 2-year fixed |
| Coventry | 5.09% | 90% | 2-year fixed |
| Nationwide | 5.09% | 95% | 5-year fixed |
| Halifax | 4.69% | 90% | 5-year fixed |
Large Mortgage Loans Purchase Rates over £1m
| Lender | Rate | Loan to Value | Rate Type |
| Natwest | 4.89% | 85% | 2-year fixed |
| Barclays | 4.60% | 75% | 2-year fixed |
| Halifax | 5.83% | 85% | 2-year tracker |
| Nationwide | 5.40% | 75% | 2-year tracker |
Remortgage Fixed Rates
| Lender | Rate | Loan to Value | Rate Type |
| MPowered | 4.79% | 75% | 2-year fixed |
| MPowered | 4.57% | 60% | 2-year fixed |
| Natwest | 4.51% | 75% | 5-year fixed |
| Natwest | 4.28% | 60% | 5-year fixed |
| Nationwide | 4.78% | 75% | 10-year fixed |
Buy to Let Purchase Rates
| Lender | Rate | Loan to Value | Rate Type |
| HSBC | 4.44%, £1999 fee | 75% | 5-year fixed |
| Kensington (Ltd SPV) | 5.24%, £1999 fee | 75% | 5-year fixed |
PRODUCTS CORRECT AS OF 22.3.24
ALL MORTGAGE RATES ARE SUBJECT TO CREDIT STATUS, INCOME AND AFFORDABILITY.
ARRANGEMENT FEES AND EARLY REPAYMENT CHARGES MAY APPLY TO THESE PRODUCTS THESR ARE FOR ILLUSTRATIVE PURPOSES OF RATES. PLEASE CONTACT AN ADVISER FOR A RECOMMENDATION TO MEET YOUR CIRCUMSTANCES. ALL VIEWS IN MARKET COMMENTARY ARE THE PERSONAL OPINIONS OF THE AUTHOR.
YOUR HOME OR PROPERTY MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE
