Date published: 30th Oct 2023
Research* has shown that online searches for the phrase "when will mortgage rates drop?" surged from practically zero a year ago, to almost 7,000 during June and July this year, as worry clearly dominates for UK mortgage holders.
Hopes that rates have peaked heightened in September. After 14 consecutive meetings where rates were increased, good news came when the Bank of England's Monetary Policy Committee voted to retain Bank Rate at 5.25% at its latest meeting.
In what has been a challenging time for mortgage holders, particularly those with a fixed rate coming to an end, keeping track of available mortgage deals is hard as lenders alter their offerings.
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Your home may be repossessed if you do not keep up with repayments on your mortgage.
*Standard life, 2023