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Current Market Trends
Upcoming Bank of England Meeting
The Bank of England’s Monetary Policy Committee is scheduled to meet on June 20, 2024. Given the recent economic data, it is widely expected that the BoE will maintain the base rate at its current level of 5.25%. Despite previous expectations for a potential rate cut, the recent inflation figures and economic conditions suggest that any rate reduction might be postponed until at least August or even September (NerdWallet: Finance smarter). This delay has led to fluctuating mortgage rates, with lenders adjusting their offerings in response to the shifting economic outlook (Savills) (NerdWallet: Finance smarter).
In conclusion, the UK mortgage market is navigating through a period of stability mixed with uncertainty. Borrowers and potential buyers are advised to closely monitor the developments from the BoE and consider their financial positions carefully, as the mortgage rates remain higher than desired but may start to decrease towards the end of the year if the base rate cuts materialize.
House Prices and Supply
House prices saw a modest growth of 0.4% in May, resulting in an annual increase of 1.3%. However, this growth is subdued due to the ongoing high mortgage rates. The market has seen an increase in supply, with the highest number of homes for sale in eight years, which has helped to stabilize prices (Savills) (CBRE)
First Time Buyers Fixed Rates
| Lender | Rate | LTV | Rate Type |
| Nationwide | 5.69% | 95% | 2-year fixed |
| Nationwide | 5.34% | 90% | 2-year fixed |
| Nationwide | 5.29% | 95% | 5-year fixed |
| Nationwide | 4.90% | 90% | 5-year fixed |
Million Pound Mortgages (Purchase Rates over £1m)
| Lender | Rate | LTV | Rate Type |
| Halifax | 5.11% | 85% | 2-year fixed |
| Nationwide | 4.84% | 75% | 2-year fixed |
| Halifax | 5.83% | 85% | 2-year tracker |
| Nationwide | 5.40% | 75% | 2-year tracker |
Remortgage Fixed Rates
| Lender | Rate | LTV | Rate Type |
| Santander | 4.89% | 75% | 2-year fixed |
| Santander | 4.82% | 60% | 2-year fixed |
| Leeds | 4.59% | 75% | 5-year fixed |
| Santander | 4.42% | 60% | 5-year fixed |
| Virgin | 4.89% | 75% | 10-year fixed |
Buy to Let Purchase Rates
| Lender | Rate | LTV | Rate Type |
| TMW | 4.24% | 75% | 5-year fixed |
| Fleet | 5.49% | 75% | 5-year fixed |
PRODUCTS CORRECT AS OF 14.06.24
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
