Mulberry Homes is happy to receive the news that mortgage rates across the country and lenders are falling, with Halifax cutting some rates by almost a percentage point.
These cuts are the steepest cuts to happen since the spike in mortgage rates over the past two years, and signal a positive change in the market that rates will continue to fall in future months. The fall in rates coincides with the drop in inflation, meaning that homebuyers should be on the lookout for the best deal.
Tom Andrews, Director at Salcey Mortgages, said: “2024 has started off with how 2023 ended; interest rates are falling. We have seen continuous reductions by nearly all lenders since early August last year with the lowest rate now available over 1.5% cheaper.
“With better than expected inflation data just before Christmas and lenders keen to take advantage of the usual, busy spring period within the property market, there is a sense that lenders will remain competitive and we may even see further reductions.”
Tom continued on to say: “Here at Salcey Mortgages, we track our clients’ interest rate until the point of completion. When you apply for a mortgage, the rate applied for is locked in however we can review again if rates were to fall. This means you can still take advantage of falling rates between application and completion.”
At Mulberry Homes, we are encouraging homebuyers to come and visit one of our developments to find out more about what offers we have for homebuyers looking to secure their dream home.