Securing The Best Remortgage Rate In 2024

With a decrease to the Bank of England base rate seemingly on the horizon, borrowers are understandably wondering- when is the best time to secure a new product?

The BoE voted 8-1 in favour of maintaining the base rate at 5.25% on 21/03, with speculation that summer will see the first reduction since March 2020. The Bank of England has been steadfast regarding a 12-month inflation target of 2.0% and February saw positive progress with a figure of 3.4%, down from 4.0% in December and January.

A number of lenders have amended rates slightly since the latest announcement; however these have only been modest decreases and for some products slight increases. In the absence of real market certainty, there are steps you can take to insulate yourself and make sure you secure the best possible deal.

If you have 6 months remaining on your existing rate you can apply for a new product now, either with your existing lender or by remortgaging elsewhere. Should rates drop as you come closer to expiry, you can take advantage of the cheaper product. If rates do hold or increase slightly, you will already be protected by the rate secured in advance.

If your existing rate is coming to an end and you would like free advice on obtaining a new mortgage product, please click below to get in touch.