Our last two articles of 2023 focussed on the prospect of falling mortgage rates. After all, the UK economy seemingly began to stabilise towards the end of the year; inflation had fallen significantly and the base rate of interest was held at 5.25 per cent.
Now, as predicted, mortgage rates are falling. And they’re falling fast. So fast, in fact, that mainstream news outlets are (rather typically) referring to this changing of the tides as a ‘mortgage war’.
Regardless of whether you view it as a mortgage war or simply the result of market forces, what you probably want to know is a) how low will mortgage rates go in 2024? and b) how can I get the best mortgage deal in 2024?
Sadly, we don’t have an answer to the first question. However, as a Maidenhead mortgage broker, we can certainly help you with the second.
Keep on top of it
At the time of writing, one major UK lender had launched a sub-4 per cent fixed rate mortgage deal, which is quite possibly one of the – if not the – best mortgage deal in the UK that we’ve seen for some time.
By the time this piece has been published, it’s very likely that another lender will have bettered it. We know about it as it happens, of course. It’s the job of our (rather good) team of Berkshire mortgage advisers to keep on top of it.
But for most of the UK population, mapping mortgage rates, researching the best UK mortgage deals, and applying (and then reapplying when rates take a dive once again) for a mortgage is absolutely not on their agenda.
And that’s where we come in.
A change of direction
2023 was an unpredictable year when it came to mortgages. 2024 is likely to be as unpredictable – but a more preferable type of unpredictably (decreasing mortgage rates is always more preferable to increasing mortgage rates).
Nevertheless, making sure that you get the best mortgage deal today takes vigilance, patience and a knack for timing. Essentially, it’s a job of work. And, if you don’t have enough hours in the day to do this – probably because you’re dealing with your own job of work – then mortgage deals won’t get done and opportunities will get missed.
Just as we predicted falling mortgage rates in 2024, we’re also predicting that those who don’t use a mortgage broker in 2024 are more likely to miss out on the UK’s best mortgage rates.
We wouldn’t want anyone to do that. So, get in touch with our team of Maidenhead mortgage advisers and we’ll find them for you.
If you’re thinking of applying for a mortgage in 2024, get in touch with our Maidenhead mortgage brokerage on 01628 560820 or by emailing enquiries@altonmortgages.co.uk.