The latest on mortgage rates in the UK

The mortgage market is a whole lot more positive now that we have entered the new year! As of January 2024, several of the UK’s biggest lenders like Halifax, NatWest, HSBC, Barclays, Virgin Money, Santander, and Leeds Building Society have all made significant rate cuts across their mortgage products – this is great news for prospective buyers, with rates on average dropping to the lowest they’ve been since summer 2023! Better still, mortgage rates on some products, for the first time in a while, have started to fall back below 4%.

In 2023, we saw mortgage rates hit 6.86% in response to the Bank of England hiking the base rate to 5.25%. The Bank of England (BoE) meet about every six weeks to decide whether the Base Rate should go up or down or stay the same. Inflation is reducing, and is now at a two-year low, with economists predicting that the Bank of England will start reducing the base rate this year, likely in the spring or summer. 

At the time of us writing this blog, the average interest rate for a 2-year fixed rate mortgage now stands at 5.87%, experts are optimistic that as the economy starts to stabilise, so will interest rates and we’ll only see rates drop further in coming months. 


At Avant Homes, we work closely with a range of new build specialist mortgage advisors, ensuring you have access to the best mortgage deals to help you get moving. 


What are the benefits of speaking to a mortgage advisor?


• You’ll receive free and easy, no obligation, expert advice about what you can borrow!


• You’ll receive access to exclusive products and lenders, including many which are not available on the high street, at banks directly, or online


• There will be no unwanted credit checks


• If you have adverse credit, or are self-employed or in the military, there’s no problem. Our experts will be able to help you


• Our mortgage experts are super clued up on Avant and the new build buying schemes available such as First Homes, Part Exchange and My Move Made Easy


• Your details will not be shared with third parties


• You can speak to a mortgage expert easily, over the phone, 7 days a week

Find your dream home today! Speak to your Sales Advisor and they’ll point you in the right direction of a mortgage expert so that you can find out what you can borrow and get you the best deal on your mortgage rate.  

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