Mortgage rates at the moment

[NoOneKnowsWhoYouAre]

Due to remortgage in September. Spoke to advisor today and he has found a rate of 4.05%. He said that they have been roughly 4.5% at the moment and that this is a good deal, I'm inclined to agree but wondered what others were being offered.

Info: 50% loan approx and 15 year term

How long is the fix on that?

5 years

A couple of months ago 4.32% was the best we could find. That was a 5 year fix from Lloyds.

you can always take it and shop around further until you actually need to switch.

I'm predicting another .25% drop in BOE base rate in May. Not qualified, but I have bloody good form for predicting these things.

This will bring your mortgagw rate lower come Sept. Banks are also getting more competitive to get business - as people are sitting tight re moving house.

I also feel we are heading into tough economic times re growth / recession / trade wars / actual war / defence investment. We may well see a large BOE interest rate drop in the next couple of years. That's my prediction.

I also feel we are heading into tough economic times re growth / recession / trade wars / actual war / defence investment. We may well see a large BOE interest rate drop in the next couple of years

What's your logic on that? Surely interest rates will go up rather than down when everything is so uncertain and unpredictable?

In a recession/hard times interests rates go down so homeowners with mortgages have more money to spend.

We had out of control inflation so interest rates went up to dampen down inflation. The idea is take money out of mortgage holders pocket so they can't spend.

When the economy goes into recession the reverse happens. They put money back in mortgage holders pockets so they go out and spend spend spend. That then fires the economy back up

The boe mission is to mess things up

Borrowing has been profligate for too long. That's pushed up house prices as people can just borrow more.

Inflation is alive and well.

The best rates available in past year or so has barely been under 4% so 4.05% is pretty reasonable- though you could easily find similar rates yourself online- eg looks like 3.99% is possible via Barclays - depending on the actual amount you’re borrowing

We’ve been offered 4.29 on. 2 year fix.

I think 4.05% is a very good deal currently. I do agree with @ThatHazelGuide that they are likely to fall more later this year because of obvious recessionary risks, although it's not the BOE base rate but the bond yields and swap rate that is relevant for mortgages. You may be able to swap to a better rate in September. Having said that, if I were you, or especially anyone taking on a long mortgage term, I would be inclined to fix for a long time as I think that inflation is the slightly longer term and ongoing risk. I am not a risk taker though!

A base rate drop in a couple of months will not affect the fixed rate the OP is looking at, and lenders factor in expected changes to BBR in their fixed rate offerings.

OP if you trust your broker and a 5 year fix is right for your circumstances then just go with it, a decent broker will revisit regularly until completion and change should rates fall in the meantime.

I would take that definitely. Presumably your adviser can recheck further down the line?

Is there a high arrangement fee? Factor that into the total cost calculations. 5 years seems a long time to stay in a house, so ensure the mortgage is portable.

Just to be clear, I agree that you should take the current offer but that you may well be able to get a better one in August/ September.

I think it's a bit early to be worrying about it if your current deal doesn't end until September.

I would leave it until May say, after the next BoE meeting as if the base rate falls again we may see some better mortgage offers.

Though I agree with people saying the rate you have been offered sounds decent, it may be lower still nearer to September.

I agree. I contacted my broker as I thought our deal was up in May and he reminded me it's not until September. So we won't be looking until around July time. Hopefully by which time there will have been another rate drop in May.

The advisors said to lock one in as early as possible and then they will continually review until Sept. I can take a better rate if one becomes available. If we don't lock one in now then the rates go up we'd lose out

We fixed at 4.19% couple months ago (5 years, 65% loan I think) broker regularly reviewing in case they go down. Wanting to stay with current lender for various reasons so not shopping around.

Can’t hurt to lock in a rate now if you want the peace of mind. To me it just seems a bit early as September is a long way away.

We have just taken out a 4% 5 year fix with club lloyds (non broker). I think it's now a little bit cheaper.

My daughter has just agreed a 2 year remortgage fix at just under 4% she told me - but she does have a good LTV percentage.

I locked in 6 months before my fixed ended. That was start of September last year. I fully thought it was very early, rates would go down but better to be safe. What happened was rates went back up again October last year and the 5 year fixed hadn’t come back down to the same level when I completed start of this month.

So never too early as far as I am concerned.

Article that may interest you @NoOneKnowsWhoYouAre or anyone looking to remortgage this year.

Mortgage rates set to fall as tariffs spark predictions of more interest rate cuts in 2025

Mortgage rates look set to fall over the coming weeks according to a key metric, after Donald Trump's tariff announcements led to predictions of faster interest rate cuts.
In response to Trump's tariff announcements on Wednesday, markets are now forecasting three further interest rate cuts this year by the Bank of England.
The general consensus is that interest rates will end up at 3.75 per cent by the end of 2025, rather than 4 per cent than was previously predicted.
Fixed-rate mortgage pricing is largely based on Sonia swap rates - the inter-bank lending rate which shows where banks think mortgage rates will be two or five years in the future.
Five-year swaps have fallen to 3.64 per cent this morning, down from 4.08 per cent on 27 March.
Meanwhile two-year swaps hit 3.74 per cent, down from 4.11 per cent on 27 March.

Oooh that is good news, thanks @Twiglets1 i shall be keeping an eye on this!!