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Money Clinic with Claer Barrett
Mortgage clinic: your questions answered
Jan 16, 2024
Mortgage experts discuss recent rate reductions, releasing equity for home extensions, managing multiple mortgages, and choosing the right mortgage. They emphasize the benefits of securing fixed rates and using a broker, caution against getting carried away with recent falls, and highlight the importance of choosing the right product and seeking independent mortgage advice.
28:10
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Quick takeaways
- Lenders are cutting mortgage rates due to investor optimism and predictions of further rate reductions, resulting in lower fixed rate mortgage pricing.
- Homeowners can switch to a cheaper mortgage deal before their current deal expires, with the option to reserve new products up to six months prior to maturity.
Deep dives
Interest rates and mortgage cuts
Lenders, including Nationwide, have been cutting mortgage rates despite no rate cuts from the Bank of England. The reductions are due to investor optimism about inflation returning to target and predictions of further rate reductions. This has resulted in lower fixed rate mortgage pricing. While the future is uncertain, stable conditions could lead to better news for buyers throughout the year.
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