Interest rates on mortgages could start falling in the next few weeks, following the Government's reversal of its mini-budget which has helped calm the financial markets. If you're looking to get a new mortgage deal soon, here's our latest analysis.
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'What's happening to mortgage rates following the mini-budget reversal - MSE's analysis'
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MSE News: What's happening to mortgage rates following the mini-budget reversal – MSE's analysis
in Mortgages & endowments
32 replies 3.3K views
MSE_Kit MSE StaffMSE Staff
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The banks do not drop rates as quick as they increase it.
Next BOE announcement not until 3rd of November I am surprised rates already 5/6%+
The mini budget hasn’t helped.
The mortgage market continues to move at a fast pace and we’re pleased to confirm we’re reducing the 2 and 5 year semi exclusive Purchase and Remortgage fixed rates we launched yesterday. These products, detailed below, will be available to you from tomorrow, Thursday 20th October, 2022.
Semi exclusive purchase products - reduced
Semi exclusive remortgage products - reduced
I'll be watching over the next few weeks to see if it's worth ditching the 5.14% 5 yr fix I recently set up with HSBC (existing customer). It's currently on hold until April so I've got time to see how other banks follow.
Will be very interesting to see what happens over the next 6 weeks or so. What are people predictions on likely rates in 6 weeks? Under 5%?
The MSE analysis refers to a potential 0.5% reduction which would take both mine and your rates below 5%. It doesn't sound like much, but that'd save me £32 a month (or rather save me in interest as I would be reducing my mortgage term and keeping the same monthly payment if possible).
I have 9 months left on fixed deal currently 2.16% ERC is 950.
meeting broker tomorrow and don’t know what to do.
if we have to stay with NatWest it’s gone up to 6.04% and seems to be going up every few days!!!
I really don’t know whether to wait or fix it’s a nightmare
Here's an example of a semi-exclusive product distribution -
In this case Barclays probably doesn't want to risk a flood of applications or unwanted attention due to cutting rates and has limited the release to certain trusted channels to limit volumes.
I am a Mortgage Adviser - You should note that this site doesn't check my status as a mortgage adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.
Please do not send PMs asking for one-to-one-advice, or representation.