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The new year marks the start of a brand new (and more positive) mortgage market landscape. What can landlords expect from mortgage interest rates over the next twelve months?

Landlords and property investors have dealt with their fair share of mortgage market volatility over the past few years. A streak of fourteen consecutive Bank of England Base Rate rises and turbulent economic activity has seen rates rise steadily. So, what’s on the cards for your mortgage interest rates in 2024?

The Bank of England ended 2023 with a decision to keep the Base Rate at 5.25% for the third consecutive meeting, marking the start of a period of stability. As inflation has come down, most economists expect a Base Rate decrease as early as summer this year.


When will mortgage interest rates come down?

SWAP rates, which impact how lenders price their mortgage products, have dropped significantly over the past few weeks. We saw 5-year SWAPs fall below 4% to 3.36% as of the 22nd of December, and 2-year SWAPs hover just above 4.04%. Consequently, we expect mortgage rate pricing to go through a short, sharp dip in the coming weeks as lenders update their offerings to be more competitive.

Following this short price-drop period, rates will likely plateau until we see a Base Rate decrease. Mortgage rates will then slowly soften over the rest of the year.

It’s worth noting that several political factors (i.e. the upcoming general election and the broader ongoing conflicts) could impact economic stability and, therefore, see SWAP rates rise slightly. While these factors have yet to have any significant impact on the UK money markets, there is an element of uncertainty here for what they could mean for both homebuyer and buy to let mortgage rates.


How can I take advantage of lower mortgage rates?

With the current economic stability, decreasing SWAP and more competitive mortgage rates now is the time to review your options. There’s no longer a reason to hold off on reviewing your mortgage options.

To see what types of rates you could access, use our FREE buy to let mortgage repayment calculator to search the latest buy to let morrtgage rates and start reviewing your remortgage options.

Alternatively, have one of our expert mortgage brokers search the whole market for the best rate for your individual circumstances. Submit an enquiry here or call us on 0345 345 6788 to get started. 

Watch the full MFB News update from Jeni Browne in the video below. 

Search and compare mortgage rates

Looking for a buy to let mortgage? Find out how much you can borrow, search the latest mortgage rates and compare monthly repayments with the help of our simple-to-use buy to let mortgage calculator. If you’d like to discuss your options, you can request a call back from one of our expert BTL mortgage advisors.

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