Fixed rate mortgage rates

Daniel1111

Any sign of mortgage lenders lowering their fixed rate mortgage rates in light of the BoE rates going down so much?

I am with TSB and my mortgage expires at the end of June, so at that point I can renew with anyone, but I can renew with TSB itself as of 01 April next week, but I've not seen any sign of lower mortgage rates from them yet.

Thrugelmir

Given the current climate. Falls are some what unlikely. Fixed rate mortgages have no direct correlation to BOE base rate. You would need to be on a Tracker or some SVR to benefit directly. 

jackj0nes

I'm in the same position and have been wondering the same. My broker doesn't think rates will go down, and doesn't suggest waiting (although the best rates available now look to be higher than they were at the beginning of the month). 

I have seen a few articles that seem to say otherwise, so I'm not too sure what to think:
https://www.somersetlive.co.uk/news/health/martin-lewis-coronavirus-interest-rates-3971363 (this one quotes Martin Lewis, though I can't find the actual footage they're referring to)
https://www.unbiased.co.uk/news/mortgages/record-low-mortgage-rates-offer-silver-linings (this one specifically saying there is likely to be lower fixed rates)

What I haven't been able to find an answer for is whether there's much risk of waiting the week or two as advised in the articles (obviously there's a chance fixed rates will increase again, I'm just not clear on how likely that is)

Whats_your_forte

Fixed rates offer certainty. If you want certainty, do it now! You could lose by sitting back waiting for a sale that might not happen. Either way, people over the last 10 years would bite your hand off for the rates you have available now

Daniel1111

My current fixed rate is LOWER than anything on offer, but I will be eligible to renew as of next week (but my fixed rate keeps going until end of June). So I have no reason to swap, unless the rates actually go down.

Thrugelmir

You'll be able to apply and guarantee a rate next week for when the fixed term ends.