--- title: Mortgage Rate Update September 2023 description: Our insights into the changes in the UK mortgage market and the fluctuation in the interest rate, and how they affect homebuyers. image: https://www.callunafinancial.co.uk/hubfs/blog/img__blog-mortgages-rates-updates-sept.jpg --- [Skip to main content](https://www.callunafinancial.co.uk/blog/mortgage-rates-starting-with-a-4-are-things-finally-starting-to-move-in-the-right-direction#main-content) [![Calluna Financial](https://www.callunafinancial.co.uk/hubfs/calluna-financial-logo-mono-white.svg)](https://www.callunafinancial.co.uk) - [Home](https://www.callunafinancial.co.uk) - [Show submenu for Mortgages Mortgages](https://www.callunafinancial.co.uk/mortgages) - [First Time Buyers](https://www.callunafinancial.co.uk/first-time-buyers) - [Remortgage](https://www.callunafinancial.co.uk/remortgage) - [Moving House](https://www.callunafinancial.co.uk/moving-house) - [Buy-To-Let](https://www.callunafinancial.co.uk/buy-to-let) - Show submenu for Our Advisers Our Advisers - [Aberdeenshire](https://www.callunafinancial.co.uk/aberdeenshire) - [Clacks, Stirling & Falkirk](https://www.callunafinancial.co.uk/stephanie-english) - [Edinburgh](https://www.callunafinancial.co.uk/edinburgh) - [Glasgow](https://www.callunafinancial.co.uk/allan-coll-glasgow) - [Inverness](https://www.callunafinancial.co.uk/inverness) - [Protection](https://www.callunafinancial.co.uk/protection) - [Show submenu for Mortgage Tools Mortgage Tools](https://www.callunafinancial.co.uk/mortgage-tools) - [Mortgage Calculator](https://www.callunafinancial.co.uk/mortgage-calculator) - [Repayment Calculator](https://www.callunafinancial.co.uk/calculator-repayments) - [LBTT Calculator](https://www.callunafinancial.co.uk/calculator-lbtt) - [Mortgage App](https://www.callunafinancial.co.uk/mortgage-app) - [Jargon Buster](https://www.callunafinancial.co.uk/jargon-buster) - [Mortgage FAQs](https://www.callunafinancial.co.uk/mortgage-faqs) - [Show submenu for About Us About Us](https://www.callunafinancial.co.uk/about-us) - [Self-Employed Agents](https://www.callunafinancial.co.uk/self-employed-agents) - [Refer A Friend](https://www.callunafinancial.co.uk/refer-a-friend) - [Blog](https://www.callunafinancial.co.uk/blog) - [Contact Us](https://www.callunafinancial.co.uk/contact-us) Open main navigation Close main navigation - [Home](https://www.callunafinancial.co.uk) - Show submenu for Mortgages Mortgages - Mortgages - [Mortgages](https://www.callunafinancial.co.uk/mortgages) - [First Time Buyers](https://www.callunafinancial.co.uk/first-time-buyers) - [Remortgage](https://www.callunafinancial.co.uk/remortgage) - [Moving House](https://www.callunafinancial.co.uk/moving-house) - [Buy-To-Let](https://www.callunafinancial.co.uk/buy-to-let) - Show submenu for Our Advisers Our Advisers - Our Advisers - [Aberdeenshire](https://www.callunafinancial.co.uk/aberdeenshire) - [Clacks, Stirling & Falkirk](https://www.callunafinancial.co.uk/stephanie-english) - [Edinburgh](https://www.callunafinancial.co.uk/edinburgh) - [Glasgow](https://www.callunafinancial.co.uk/allan-coll-glasgow) - [Inverness](https://www.callunafinancial.co.uk/inverness) - [Protection](https://www.callunafinancial.co.uk/protection) - Show submenu for Mortgage Tools Mortgage Tools - Mortgage Tools - [Mortgage Tools](https://www.callunafinancial.co.uk/mortgage-tools) - [Mortgage Calculator](https://www.callunafinancial.co.uk/mortgage-calculator) - [Repayment Calculator](https://www.callunafinancial.co.uk/calculator-repayments) - [LBTT Calculator](https://www.callunafinancial.co.uk/calculator-lbtt) - [Mortgage App](https://www.callunafinancial.co.uk/mortgage-app) - [Jargon Buster](https://www.callunafinancial.co.uk/jargon-buster) - [Mortgage FAQs](https://www.callunafinancial.co.uk/mortgage-faqs) - Show submenu for About Us About Us - About Us - [About Us](https://www.callunafinancial.co.uk/about-us) - [Self-Employed Agents](https://www.callunafinancial.co.uk/self-employed-agents) - [Refer A Friend](https://www.callunafinancial.co.uk/refer-a-friend) - [Blog](https://www.callunafinancial.co.uk/blog) - [Contact Us](https://www.callunafinancial.co.uk/contact-us) # Mortgage Rates Starting with a 4… Are things finally starting to move in the right direction? ![John O'Malley](https://www.callunafinancial.co.uk/hs-fs/hubfs/staff/img__john-omalley.jpg?width=50&height=50&name=img__john-omalley.jpg) ![John O'Malley](https://www.callunafinancial.co.uk/hs-fs/hubfs/staff/img__john-omalley.jpg?width=50&height=50&name=img__john-omalley.jpg) Written by [John O'Malley](https://www.callunafinancial.co.uk/blog/author/john-omalley) 28 September 2023 It's been a week (at time of writing) since the Bank of England held the base rate, the first time since December 2021 we haven't seen an increase. Many predicted a further rise until the last minute, the late announcement last Wednesday confirming inflation dropped to 6.8% seemed enough to sway a 5-4 decision for holding at 5.25%, at least until November 2nd anyway. For tracker rate mortgage holders this will be a welcome decision, Base Rate being held means no further increase to the monthly payments for the time being. Elsewhere there are positive signs in the [mortgage market](https://www.callunafinancial.co.uk/mortgages) with Nationwide, Santander and others dropping interest rates with some now even starting with a 4 compared to Q2 this year where the average 5 year fixed rate was above 6%. We have also seen lenders broadening their criteria- Newcastle starting to accept 1 years accounts for self-employed, Skipton expanding their Track Record out to more than just First Time Buyers and Accord enhancing their Contractor offering. Brokers are also starting to report an increase in business after what was referred to as 'Dead August'. After a particularly difficult 12 months it seems the industry is starting to get back onto a stable footing once more. ![Risk & fee wording. Your home may be repossessed if you do not keep up repayments on your mortgage. There may be a fee for mortgage advice. The actual amount you pay will depend on your circumstances. The fee is up to 1% but a typical fee is 0.3% of the amount borrowed.](https://www.callunafinancial.co.uk/hs-fs/hubfs/gray-1-col2.jpg?width=890&height=208&name=gray-1-col2.jpg)   ### **Proudly Accredited with Own New** Calluna Financial is now an approved broker for the Own New scheme, a powerful initiative designed to make buying a new build home more accessible through innovative shared equity solutions. This accreditation allows us to support housebuilders in accelerating sales and help buyers step into homeownership with reduced upfront costs and competitive mortgage rates. Whether you're a developer or a first-time buyer, we’re here to guide you through every step. - ![Own New Approved Broker](https://www.callunafinancial.co.uk/hs-fs/hubfs/Approved-Broker-Stamp_LinkedIn.png?width=600&height=600&name=Approved-Broker-Stamp_LinkedIn.png) Hover message - ![LIBF Certified Mortgage Adviser](https://www.callunafinancial.co.uk/hs-fs/hubfs/certified-mortgage-adviser.png?width=600&height=600&name=certified-mortgage-adviser.png) Hover message ![White mono version of the Calluna Financial logo](https://www.callunafinancial.co.uk/hubfs/calluna-financial-logo-alt-mono-white.svg "White mono version of the Calluna Financial logo") Calluna Financial is directly authorised and regulated by the Financial Conduct Authority. Firm Reference Number: 1020528 Calluna Financial Registered Office: 6 Primrose Street, Alloa, Clackmannanshire, Scotland, FK10 1JG. Registered in Scotland: SC815245. © Calluna Financial Limited. All Rights Reserved. Subscribe here to receive mortgage tips and advice from our blog by email every month. - [Terms and Conditions](https://www.callunafinancial.co.uk/terms-and-conditions) - [Privacy Policy](https://www.callunafinancial.co.uk/privacy-policy) - [Cookie Policy](https://www.callunafinancial.co.uk/cookie-policy) - [Your Rights](https://www.callunafinancial.co.uk/your-rights) - [IDD](https://www.callunafinancial.co.uk/idd) - [Contact Us](https://www.callunafinancial.co.uk/contact-us) ```json { "@context" : "https://schema.org", "@type" : "BlogPosting", "author" : { "@type" : "Person", "name" : "John O'Malley", "url" : "https://www.callunafinancial.co.uk/blog/author/john-omalley" }, "dateModified" : "2025-02-19T17:03:23.101Z", "datePublished" : "2023-09-28T12:37:55.000Z", "headline" : "Mortgage Rate Update September 2023", "image" : [ "https://www.callunafinancial.co.uk/hubfs/blog/img__blog-mortgages-rates-updates-sept.jpg" ], "mainEntityOfPage" : { "@id" : "https://www.callunafinancial.co.uk/blog/mortgage-rates-starting-with-a-4-are-things-finally-starting-to-move-in-the-right-direction", "@type" : "WebPage" }, "publisher" : { "@type" : "Organization", "logo" : { "@type" : "ImageObject", "url" : "https://www.callunafinancial.co.uk/hubfs/calluna-financial-logo-mono-white.svg" } } } ``` ```json { "@context" : "schema.org", "@type" : "VideoObject", "contentUrl" : "vimeo.com/1009161022?fl=pl&fe=ti", "description" : "An STV television commercial created for Calluna Financial.", "embedUrl" : "player.vimeo.com/video/1009161022?badge=0&autopause=0&player_id=0&app_id=58479", "name" : "Calluna Financial - STV Commercial", "thumbnailUrl" : "i.vimeocdn.com/video/1952204903-ce53847e0caac258ad941f0cfe93e52f8a2404e8acb5a156e9c950cb34b1c5ee-d?mw=1800&mh=830", "uploadDate" : "2025-05-23T12:34:28TZ" } ```