As 2024 begins after a turbulent 2023 in the mortgage market we look at what’s in store for the coming year for interest rates and what steps you can take to get yourself mortgage ready.

Although the bank of England base rate continues to remain at 5.25% and has done now since August 2023, interest rates available on new products from lenders continue to fall. Already on the first working days of the New Year we have received emails from 5 lenders announcing cuts to their 2 & 5 year fixed rates and with more and more rates available now well under 5%, things are certainly looking up compared to as little as 3 months ago.

Key dates for those on trackers and variable rates are the Bank Of England Monetary Policy Committee meetings where the base rate will be decided, these will occur on a Thursday and in 2024 will be on the following dates:

1^st February

21^st March

9^th May

20^th June

1^st  August

19^th  September

7^th  November

19^th  December

Whether you are looking to secure an interest rate for a property purchase or obtain a new rate for your existing mortgage we can advise you on the best time to apply and what steps can be taken post application to continue to ensure you have the best deal.