Did you know that our MD, Andrew Montlake AKA Monty, featured on last week’s ITV Martin Lewis Money Show Live! (autographs are available on request).
He discussed all things mortgages, but more importantly, the subject of current mortgage rates and discussed tips that could help for first time buyers and those coming up to the end of their current term.
When asked if we could see a drop in mortgage rates by 2024, Monty said:
“Well, I think it’s interesting looking at fixed rates because what you’ve seen at the moment is lenders now want to lend once more.
“It was cataclysmic at the end of last year, so a lot of lenders are going into this year with lower than normal pipeline. So actually, we’re starting to see rates reduce, and swap rates and the cost of future funds have actually reduced quite considerably since that time. So now you’re seeing the ‘3s’ starting, I think this year, most people by the end of this year should be able to borrow with a 3% in front of it.”
Monty was also asked which option looks to be better at the moment, a variable or a fixed rate. Monty said:
“Well, it depends on your circumstances, obviously, Martin. So actually, for those who don’t want sleepless nights, then that insurance premium of taking a fixed is much more valuable than trying to play the market.”
If you missed it, you can watch the video below from the show and the full version is available to download on the ITV hub.
The clip above has been taken from The Martin Lewis Money Show on Tuesday 7 February 2023, with the permission of ITV Studios. All rights reserved. Watch the full episode on ITVX.