Mortgage borrowers may finally see their repayments drop as interest rates are tipped to fall several times this year.
Market experts are predicting the Bank of England will slash the base interest rate six times in 2024, dropping from the current 5.25 percent to 3.75 percent by Christmas 2024.
Falling levels of inflation mean the first drop in interest rates could come in March, with the potential for rates to fall to five percent or lower by May.
Karen Noye, mortgage expert at Quilter, warned previously interest rates could stay high for a prolonged period.
“As we move into 2024, interest rates are likely to remain elevated for some time, particularly if the BoE maintains its ‘higher for longer’ stance,” she said.
“However, inflation is heading in the right direction so we could start to see some movement towards the second half of the year which may tempt prospective home movers and first time buyers and help buoy the market.
“For those looking to purchase a new home next year, it will be vital to seek…
