As 2024 comes to a close, it’s an opportunity to reflect on the year in numbers – from our mortgage rates summary to how much our customers have saved with our Rate Check service.
What’s gone on with mortgage rates this year?
(The below is based on average 2- and 5-year fixed rates for remortgage, with a max loan to value of 60%).
We started the year with deals in the high 4% region. Average rates fluctuated between 4.5-5% all year until August, when the base rate was cut.
The cut helped push average remortgage rates down to the low 4%s and, by October, some deals were available at below 4% interest.
Those lower rates were short-lived however, as they gradually increased again over November, influenced by the Autumn Budget and uncertainty around the economy. But interest rates aren’t as high as they were at the start of the year, so we’re ending on a positive!
If this year has taught us anything, it’s that you never really know how mortgage rates are going to shift from one day to the next… so we’re proud to offer our Rate Check service as a safety net for all mortgage customers. More on this below…
We’ve saved our customers £39.7m this year so far with Rate Check
If you haven’t heard of our free Rate Check service before, it means if you lock in a deal today, you can ask us to check your lender’s deals again later (lender restrictions may apply). If there’s a better deal available and it makes sense to switch you to it, we will!
The service has been very popular this year as rates have ebbed and flowed – in total our customers have saved a whopping £39.7m from 1st January - 30th November 2024! (Based on 21,638 cases with Rate Check, saving an average of £1,832.98).
Mortgage products and lenders we work with
Mortgage deals change constantly, as each lender reprices and creates new deals based on their lending to date and appetite for more business. This year, we loaded over 134,000 different mortgage products to our database! November was the busiest month with over 15,000 new products coming on board – that’s a lot of choice for our customers!
And it seems like that choice was appreciated, as we’ve placed business with 82 different lenders (in 2024 so far!).* So, our customers can be confident that we’ll cast a wide net to search for the best deal for them.
We’ve protected 14,000 families this year…
… So far!* We’re so passionate about making sure all our mortgage customers have the right protection in place – to make sure they’re not financially vulnerable if disaster strikes. On top of these 14,000 families protected, our advisers will have had countless conversations with customers who already have protection in place, just checking that it’s the right level of cover for their needs.
As well as this, we’ve helped our protected customers claim £5.2m in payouts this year – and that’s just what we know of! Our support involved chasing GP reports, sending useful information to families dealing with a huge life change and lending an ear and reassuring them at a really difficult time.
We’re proud that our mortgage and protection advice service is completely fee free and has been since 1999.
We can’t wait to see what 2025 will bring!
*Figures correct at date of publish.
