Halifax and others have dropped mortgage rates, so what’s next for the mortgage market?

Aug 11, 2023

Mortgage lenders finally decrease rates

It’s the news that a lot of prospective mortgage borrowers wanted to hear. One of the biggest lenders in the UK, Halifax, are set to reduce their new mortgage rates from this Friday (11/08/2023) after months of uncertainty and stress caused by high inflation. The rate cut is planned to be 0.71%, significantly decreasing the financial burden that many buyers are facing at the moment and will be a welcome relief to many.

 

Which other lenders have dropped their mortgage rates as of August 2023?

So far we know of Virgin Money, NatWest, Skipton, Quantum Mortgages, Keystone, Nationwide, The Mortgage Works and Accord Mortgages. And as of Monday 14th August, Santander have also dropped their mortgage rates too.

 

Whilst this is great news, what does this mean for the future of the mortgage market in 2023?

This short term action is definitely a step in the right direction, and Halifax are not the only lender to be offering decreased rates this week. Some experts have suggested that this is a good sign that the high inflation the UK has seen in recent times is finally starting to ease off. Inflation slowing is also great news, but it is still much higher than the government’s proposed target of 2%.

Many UK borrowers will be wondering what happens next? In reality, we predict a period of slow and steady reduction. That may not be the sharp decline in rates you are hoping for if you are currently buying a property or if your mortgage is up for renewal, but it is certainly a welcome direction after the recent chaos caused by high inflation and a cost of living crisis.

We are still helping prospective borrowers to secure mortgage deals and we work tirelessly to get the best deal for you. Get in contact with us today to see how we can help.

 

Steven Morris – Advising Director

CeMAP CeRER

 

Steve loves a complex mortgage. Most recently he has used his technical geekery to work his way up through Which? Mortgage Advisers, progressing to Senior Adviser and then Onboarding Manager. There, he was responsible for hiring, training and managing new advisers.

He also ran the monthly new starter inductions and wrote and maintained the telephony advice standards of the company. Outside of work Steve can be found coaching and being run ragged by his local under 10’s rugby team, Bristol Harlequins RFC.

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