? Have you got a mortgage-related question you need answering? Email in and we’ll get one of our experts to reply. Nick Mendes, mortgage technical manager atMortgage rates in the UK are shaped by various factors, and they differ among lenders. Each lender has its own approach to setting mortgage rates.
The Bank of England , like other central banks, changes the base interest rate as a primary tool to influence inflation levels in the economy. An increase in the base interest rate by the BoE makes borrowing more expensive for consumers and businesses. At the beginning of the year, the market was factoring in six to seven cuts to the base rate in 2024. Now, the expectation is for the base rate to be cut about three times this year, reaching around 4.5 per cent by December. This correction in early market predictions has resulted in an upward trend in mortgage rates since the start of February.
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