Affinity Mortgages August 2024 Update

Fri 06 Sep 2024

Welcome to Affinity Mortgages August 2024 update.

August brought encouraging news with the Bank of England's first Base Rate reduction since the summer of 2022. This development is a positive signal, potentially marking the start of renewed confidence in the broader market.

Several lenders anticipated this move, and over 10 had already lowered their rates in advance of The Bank Of England announcement. Even more promising is the decline in SWAP rates, the sterling value lenders use to set fixed mortgage rates. We expect this trend to continue, with further rate reductions likely over the next 2-4 months. Keep an eye out for more attractive fixed-rate options as we progress through the summer.

Here’s a key advantage to consider when they choose Affinity Mortgages / Williams and Donovan. If we secure a fixed-rate mortgage now and the lender reduces their rate before the exchange, we’ll automatically conduct “rate reviews” on your behalf. This ensures that even after receiving an offer, you can benefit from a lower rate—without any additional effort or paperwork on your part. It’s a unique service that not all brokers offer and something they certainly won’t get by going directly to a lender. Last year alone, this saved our clients thousands.

Please do not hesitate to contact Williams and Donovan on 01702 20066 to arrange a phone call with Affinity Mortgages, or to receive a free valuation of your home.