Monthly Mortgage Update

The mortgage market right now: a window of opportunity?

It’s an interesting time in the mortgage world – one that feels like a shifting landscape for buyers, homeowners, and lenders alike.

Mortgage rates have been on a downward trend for months, creating a renewed buzz in the property market. First-time buyers, in particular, are flocking to take advantage of these conditions, making this segment of the market especially busy. However, for those looking to climb further up the property ladder, things aren’t moving quite as swiftly yet.

Remortgaging: a good time to renew?

For homeowners who locked into a mortgage two years ago, the current market is offering a welcome surprise. New rates are, in many cases, lower than they were back then, opening up attractive opportunities for those whose mortgages are coming up for renewal. As a result, competition is fierce between existing lenders and new entrants, all vying to secure remortgage business.

Interest rate trends: will the decline continue?

With months of steady reductions, the market sentiment leans towards rates continuing their descent. However, uncertainty looms following last week’s less-than-decisive vote by the Monetary Policy Committee (MPC) on cutting the base rate. This wavering decision has already led to a slight increase in lenders’ cost of borrowing – something that may soon be passed on to borrowers.

The next big decision: 19th June 

The spotlight is now firmly on the upcoming MPC meeting on Thursday 19th  June. Will the committee make another cut, or will external market pressures lead them to hold firm? The decision will play a critical role in shaping mortgage rates and, ultimately, the choices available to buyers and homeowners in the months ahead.

For anyone looking to secure a mortgage or remortgage, now is a time for careful consideration. Keeping a close eye on developments over the coming weeks could help ensure the best possible financial move.

Don’t hesitate to get in touch with our team and we can help you to see what the best options are for you at this time. Email us at info@lift-financial.com