Embracing 2024: Mortgage Rates Below 4%!
As we begin the new year, we’re thrilled to welcome you back with fantastic news: mortgage rates have descended below the 4% mark! This marks the first time in over six months that rates from a high-street lender have reached such favourable lows. It’s a promising development for our prospective homebuyers and a great start to the year!
Starting on Wednesday, January 10, 2024, significant changes in mortgage rates will take effect:
- Barclays will introduce two-year fixed deals at 4.17% for homebuyers.
- Santander plans to unveil a five-year fixed-rate option at 3.89% for those looking to remortgage, and another five-year fixed deal at 3.94% tailored for home-movers.
Both require a minimum of 40% equity in your home or a 40% deposit.
In contrast, HSBC’s rates, revealed earlier this month, will stand at 4.49% for a two-year fix, but exclusively available to remortgage customers who own at least 40% of their home.
After navigating unprecedented times, this drop in mortgage rates signifies an auspicious period for both first-time buyers and those seeking to invest in new properties or refinance existing ones. Lower rates not only mean more accessible loans but also pave the way for substantial savings over the loan’s lifetime. It is undoubtedly a trend which opens doors for a broader spectrum of individuals to fulfil their homeownership aspirations.
At Bernards, we are committed to supporting you through every step of your property journey, providing guidance, expertise, and a personalised approach to match your unique needs and preferences.
We encourage you to reach out to our dedicated team of experts to explore these mortgage rates. Contact us today to learn more about how these competitive rates can work for you.
You can chat to our knowledgeable mortgage team, Vicky and Luke using the details below.