Mortgage rates tracking down

Interest rates in the UK are declining, prompting many mortgage borrowers to consider switching their deals. Currently, 7.1m households are on fixed rates, with 1.6m needing to switch this year, according to UK Finance. The Bank of England has cut rates for the fourth time since August, with forecasts suggesting further reductions could bring interest rates down to 3.5% by Christmas. Chris Sykes, a property finance specialist, remarked: "Trackers are worth considering; however, fixed rates are still by far the most popular choice." While tracker mortgages offer flexibility, they are currently more expensive than fixed rates. Borrowers must weigh short-term costs against potential long-term savings as they navigate their options.

Daily Mail (12/05/2025)