Will your mortgage change?
With reduced costs for mortgage lenders, they may pass on the benefits of the base rate changes to customers on Variable and Base Rate Tracker Rates. This means there is potential for lower monthly interest payments for mortgage borrowers.
Lower variable-rate mortgages
Leading the market, Nationwide Building Society has announced reductions to their Standard Mortgage Rates (SMR) and their Tracker Mortgages from 1st December 2024.
If you already have a variable-rate or tracker mortgage in place, a decrease could take effect this year or as late as March 2025, depending on your lender’s terms and conditions. In cases where there is a delayed reduction, your overall mortgage balance should reduce more, as you would be effectively overpaying until your interest decreases.
What steps should you take next?
As the base rate reduction begins to affect mortgage rates, it’s essential to understand how these changes may affect your financial plans.
Whether you’re on a variable or fixed-rate mortgage, or exploring your first home purchase, our trusted partners can provide expert financial guidance.
Contact your local branch today to learn more about securing the right mortgage deal for you.
For more information on how we use your data, please refer to our privacy policy
Δ
