Navigating The Mortgage Market in 2024

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    In 2023, the mortgage market was like a roller coaster with rates in the UK reaching a 15-year high. This brought unfavourable implications for the financial situations of both prospective house buyers with current homeowners approaching the conclusion of their fixed-rate terms.

    A total of one million homes were sold last year, coinciding with an average 1.2% decline in house prices throughout the UK. The Bank of England implemented five increases in the bank rate. This causing a peak in mortgage rates at 6.44% for a two-year fixed term. Additionally, Standard Variable Rate mortgages surged to 8.74%.

    So how is 2024 looking for those hoping to get on the property ladder or remortgage? Let’s take a look.

    Many experts are predicting the base rate will be cut this year. But this depends mainly on whether UK inflation continues to fall as expected. In November 2023, the UK inflation fell to 3.9%, way more than expected. This was the lowest inflation has been in more than two years.

    • On the back of growing market confidence that interest rates have peaked. Many lenders have trimmed the cost of their fixed rate deals
    • Many lenders are offering increased loans to value to borrowers (LTV). High loan-to-value mortgages are essential for maintaining market accessibility by reducing the required size of home-buying deposits.
    • Inflation is expected to continue to fall this year
    . It could reach the Bank of England’s 2% target earlier than expected

    Obtaining financial advice when looking for a mortgage is important. Aspire Financial Advisers will help you understand the various mortgage products available in the market. We will consider your financial situation, goals, and preferences. We will explain different types of mortgages, interest rates, and terms, allowing you to make informed decisions. They can provide personalised advice based on your individual financial circumstances. We will consider factors such as your income, credit history, and future financial goals. From this we will recommend a mortgage that suits your specific needs.

    The mortgage process can be complex, with legal and financial intricacies. Aspire Financial advisers will can guide you through the paperwork, legal requirements, and potential pitfalls. We make sure you understand the terms and conditions of your mortgage.

    Financial advisors stay updated on market trends, interest rate movements, and changes in mortgage regulations. Their knowledge helps you navigate the dynamic mortgage market, enabling you to secure the most favourable terms.

    Seeking financial advice when looking for a mortgage helps you make well-informed decisions. It will save money, and time navigating the complexities of the mortgage market with confidence.

    Read how we helped this couple buy their first home.

    Think carefully before securing debt against your home, your home may be repossessed if you do not keep up repayments on your mortgage.

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