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At Mortgage Decisions, it is noteworthy that several major lenders have recently introduced mortgage deals with interest rates below 4% for loans with a 60% loan-to-value ratio.
Typically, interest rates are lower for those with larger deposits; however, even in this scenario, rates have remained stubbornly above 4% over the past year, especially for 2-year fixed deals. The anticipated cuts from the Bank of England have taken longer to materialize than expected.
Following the Bank of England’s decision to lower rates in its February meeting—from 4.75% to 4.5%—and with consensus forecasts predicting rates could drop to 3.75% by the end of the year, lenders are now feeling more confident and competitive.
While these sub-4% rates are primarily available to borrowers with larger deposits, this development signifies a positive shift in market sentiment and indicates potential movement in rates for other products in the coming months.
This surge in competition within the mortgage market is encouraging news for borrowers.
Your home may be repossessed if you do not keep up repayments on your mortgage.
There may be a fee for mortgage advice. The actual amount you pay will depend upon your circumstances.
The fee is up to 1% but a typical fee is £595.
I just wanted to say a huge thank you to Tom and Helen to help us to choose the right life insurance and critical illness cover. Great service highly recommend.
GaborMortage decision were great at getting our mortgage for a shared ownership property. Helen and Matt were very helpful, answered my 1000s of questions and handled any issues that us and the mortgage company throw their way. Helen was excellent and getting in touch with us to answer all our emails very quickly. Often well within an hour. We appreciate this so much! I would absolutely recommend them and use them again.
JasmineKevin was immensely helpful and approachable. He was knowledgeable and gave me all the information that I needed to make the right decision for me and my circumstances.
JennieThe process of securing a mortgage was made very swift and painless by Gavin & Helen at Mortgage Decisions. Very responsive & helpful at every stage. Thank you for making this potentially stressful process quick and easy.
RobSimon has been great, really in-depth advice and only ever a phone call away. We would highly recommend !
Sam
