Fixed rates may not come down soon

Homeowners anticipating further reductions in mortgage rates may be disappointed as the Bank of England's monetary policy committee has maintained the base rate at 5%. Aaron Strutt from Trinity Financial cautioned: "The likelihood of fixed rates coming down significantly more is slim," suggesting that locking in a deal now could be wise. The lowest two-year fixed rate currently stands at 3.99% from Santander, while Barclays offers a three-year fix at 3.88% for Premier customers. Nicholas Mendes from John Charcol predicts that by year-end, five-year rates could drop to around 3.5%. David Hollingworth from L&C Mortgages advises borrowers to start considering their options three months before their current deal ends. 

The Sunday Times (22/09/2024)