Mortgage interest rates on the way down!
Homebuyers are no doubt delighted that mortgage rates are starting to fall as the lending market continues to recover from the chaos caused by the recent Mini-Budget.
Many experts are now advising customers to look for a tracker deal as fixed-rate mortgages are likely to become cheaper in the next few weeks. The average five-year fixed rate offers are now below 6% for the first time in seven weeks, at 5.95%, according to consumer data group Moneyfacts (data correct at end Nov 2022).
The total number of mortgage deals on offer plummeted by more than 40% in the days after September’s mini-budget. Lenders concerned about possible interest rate rises pulled their products with some suspending their entire mortgage range.
The flurry of new improved mortgage deals hitting the market is sure to be welcomed by the UK’s homebuying public.
If you’re looking to buy or sell in Plymouth and the surrounding area, contact us to get moving.