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What might the mortgage market have in store for us in 2024?

2024 has started with rate reductions, which is a promising start. The main reason for this is that the medium-long term swap rates have been reduced. And lenders are now passing these reductions on to their consumers in the form of new business products. This includes fixed rates for two, three, five years and beyond.

This reduction in rates will make borrowing cheaper. Which, combined with more confidence and interest in the market is a brilliant way to kick off 2024. Already this year we have seen 0.5-1% reductions and whilst we don't know how far this will go, it is already cheaper to borrow now (January 2024) that it was in December 2023. As a result, we are seeing a lot of interest from First Time Buyers for the year ahead.

We do not claim to have a crystal ball and there will inevitably be a lot of change over the coming months, especially with 2024 being an election year too.

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If you do have any questions about your situation, please reach out to Phil on

phil@go2-mortgages.co.uk

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^{Your home may be repossessed if you do not keep up repayments on your mortgage}

^{The information contained within was correct at the time of publication but is subject to change}