As the new year starts, there is good news for those looking to re-mortgage or move home.
The Independent Reports:
Homeowners bracing for their two-year fixed mortgage deals to end could be spared thousands of pounds in higher interest repayments after major lenders kicked off the new year by slashing rates.
Rapid rises in the Bank of England’s base rate over the past two years from historically low rates to their current 15-year high of 5.25 per cent have fuelled anxiety for tens of thousands of homeowners whose time to renegotiate expiring fixed-rate deals is approaching this year.
But with competition among lenders growing fiercer in a slow market eyeing multiple cuts to the Bank of England’s base rate this year, Britain’s biggest lender Halifax kickstarted 2024 by cutting its fixed mortgage rates by nearly 1 per cent on Tuesday
