What will UK interest rates be like in 2024?

Borrowers should remain prepared for higher rates as the base rate is expected to stand at four per cent in 2028

Increases in interest rates have upended the economic picture as many of us knew it would. For years, low interest rates made it cheap to borrow money. This was good news for homeowners and aspiring buyers, who could secure low-interest mortgages and keep the costs of their repayments down.

So how long will this state of affairs last, and what does it all mean for mortgage-holders? We spoke to experts to find out what could be on the horizon in 2024.towards the end of August, Thomas Jackson, MD for Cooper Associates Mortgages, said the mortgage market had had its first “relatively stable month” in over a year.

The relative calm has encouraged some major lenders to reduce their rates slightly, even though the Bank of England raised the base rate again in August.But he warns that doesn’t mean there will be a sudden return to low rates any time soon, with the status quo likely to stay in place for another 18 months.

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