Is now a good time to get a mortgage?

Lenders change the rates of their mortgage products regularly, but what’s positive to see as we enter 2024, is the news that major UK lenders have made significant rate cuts across their products.  
 
As of January 2024, several of the UK’s biggest lenders including Halifax, NatWest, HSBC, Barclays and Santander have all announced significant rate cuts across their mortgage products. This brings reassuringly positive news for prospective homebuyers, after The Bank of England had reported that interest rates on mortgages, loans and savings had been at their highest level for many years, with the UK’s base interest rate being increased 14 times over the past two years.

What’s currently happening with mortgage and interest rates?

In August 2023, The Bank of England rose the base rate to 5.25% and it has been held at this level since. The Bank of England meet roughly every six weeks to decide whether the base rate should go up or down or stay the same. 
 
Promisingly, inflation is reducing, and is now at a two-year low, with economists predicting that the Bank of England will start reducing the base rate this year, likely in the spring or summer, according to Rightmove. 
 
With mortgage rates showing signs of improving and various competitive buying schemes available now with Gleeson, why not make 2024 your year to move?

Speak with a mortgage expert

Choosing the right mortgage can sometimes feel a little overwhelming, with so many different options to pick from and numerous factors to take into consideration, we would recommend speaking to a mortgage advisor for help. 

A mortgage advisor (sometimes referred to as a broker) is a qualified professional who specialises in finding the most suitable mortgage for your personal financial situation. 
 
At Gleeson, we work with new build mortgage specialists Meridian Mortgages and the Mortgage Advice Bureau, who are fully equipped to help you find the right mortgage product for you. Whether you decide to use them or not, having a mortgage advisor will be incredibly helpful and alleviate any worries you may have.  

Start your journey today and let us help you find a home that is right for you in 2024. Discover the nearest Gleeson development to you here: https://gleesonhomes.co.uk/find-your-home/