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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.
Kevin and Beccy have been extremely helpful - firstly in exploring viable options to suit my situation and secondly keeping me in the loop and dealing with queries that arose along the way. This is my second mortgage with them, both of which had possibly unusual elements and they were able to navigate me through them and find me good mortgages.
Thea EThe best mortgage advisors in our opinion. I was kept up in the loop from day one. Extremely friendly and professional service. Thank you once again.
Pawel WAmazing experience!!! I can't thank Jack and Russell enough for all they have done!!! Kept informed every step and felt very supported by them thank you!!
Kerry SChawley and Amber have both been extremely helpful and accommodating throughout all stages of the process. I would highly recommend them to fellow first time buyers, as well as anyone needing mortgage advice. Thank you both!
Alex TBoth Mark and Beccy have been amazing throughout a very erratic and stressful time. They have been professional and attentive, making sure to stay in touch regularly to ensure everything went smoothly. I've been so impressed with their level of detail and service. I would not hesitate to recommend them.
Marie B
