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Good news for housing market as UK interest rates start to come down as inflation falls

There’s good news for the housing market this week as mortgage rates start to ease.

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Originally posted: 27th July, 2023

Major mortgage lenders starting to reduce rates

There’s good news for the housing market this week as mortgage rates start to ease, with major mortgage lenders including HSBC starting to reduce rates as inflation falls.

HSBC has cut mortgage rates and increased lending limits, and other lenders have also cut their product rates.

News of the reductions is welcome for the UK housing market, following weeks of rate rises.

Swap rates, the main mechanism for mortgage pricing, have dropped. Swap rates are the rates at which banks lend money to each other. When they are higher, lenders push mortgage rates up so that they can maintain a profit. However, when they drop, providers can afford to cut them.

Thinking of moving?

Perhaps you have been thinking of moving, but holding off. Now could be the time to get your house valued and look at your onward move. Preston Baker is here to help you with both. We can value your house, talk to you about the current housing market, assist you with a mortgage, and help you find your onward move.

Book your free property valuation and consultation now.

Your home may be repossessed if you do not keep up repayments on your mortgage.

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