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Mortgage expert issues advice to anyone looking to remortgage after 'biggest drop' since 2022

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A mortgage expert has issued advice to anyone looking to remortgage as millions of fixed-rate deals are set to come to an end this year.

The guidance comes along with some good news for homeowners, as mortgage rates have seen the 'biggest drop' since 2022. The average two-year fixed mortgage rate on the market recorded its biggest month-on-month fall since December 2022 in February, according to a financial information website.

Across all deposit sizes, the average two-year fixed-rate mortgage had a rate of 5.56 percent at the start of February 2024, down from 5.93 percent at the start of January this year.

The 0.37 percent fall was the biggest monthly decrease recorded by Moneyfacts since December 2022. Five-year fixed mortgage rates have also edged down from 5.55 percent in January 2024 to 5.18 percent on average at the start of February. READ MORE: 'We sold our house with nowhere to go...

Read more on manchestereveningnews.co.uk
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