Lower mortgage rates for 2024
2024 is off to an optimistic start for UK homeowners who need to remortgage. January has seen price competition intensify with significant rate cuts from some of the UK’s biggest lenders.
This week, Barclays and Santander joined Halifax and HSBC with announcing significant rate cuts on residential mortgage products. These rate cuts are particularly promising for those who need to remortgage, with bigger reductions on remortgage products compared to those for buying a property.
If you are one of the 1.6 million homeowners whose current deal will expire this year, these announcements bring a little bit of good news, as the rates for 2 and 5-year fixes are now below 6%, their lowest since June 2023. 2-year fixes are now at an average of 5.76%, down a full percentage point from last year’s peak. Five-year fixes are even lower at 5.37% on average. Some lenders are also offering longer fixed-term products below 4% for the first time in more than 6 months.
Falling mortgage rates will help to ease the pressure for some homeowners whose fixed-rate mortgage deal is due to end in the coming months.
We can check the latest products
These rate cuts have also brought an influx of new mortgage products, with the highest number of mortgage products available since 2008. This competitive and dynamic market makes it more important than ever to make sure you’re checking what deals are available to you, not only what your current lender is offering, and seeking trusted advice before making any decisions about your remortgage.
We offer a completely free remortgage advice service for anyone looking for a remortgage deal. Our advisors will check all available mortgage products, including the newest products from these rate cut announcements, to make sure you are getting the very best deal.
And even better news, we’ll continue to check your rate right up until your current deal ends, so if a better deal becomes available between now and your end date, we’ll let you know. We’re committed to always finding you the best deal, so you never have to pay a penny more than you should. And don’t forget, we will never charge you a penny for our services.
Speak to our remortgage specialists today
For new customers looking for remortgage advice, take a look at our remortgage services or use our enquiry form to request a callback.
If you’re an existing First Mortgage customer, you can book a remortgage review with one of our expert remortgage advisors today by calling us on 0141 404 4353 or email us on [email protected].