If you need to find a mortgage because your current fixed rate deal is coming to an end, or because you have agreed a house purchase, then you need to check out all of your options as soon as possible. Average fixed rates for both two- and five-year mortgages have steadily fallen despite Bank of England base rate rises and are now at 5.78 per cent and 5.62 per cent, respectively.

Most experts now expect to see average mortgage rates settle at between 4 and 5 per cent in 2023. This is based on an assumption that inflation has peaked and the Bank of England will slow base rate rises.

What if I need to remortgage? 

If you have a fixed rate deal ending within the next six to nine months, you want to try to avoid going to a standard Variable Rate (SVR) so you should look into how much it would cost to remortgage now – rather than waiting - and consider locking into a new deal. Some lenders will agree a new rate months before yours is due to expire, even up to six months in advance. You need to talk to a broker who can look across the whole market and find the best deal for your personal circumstances. The current mortgage market is complex so it pays to have an expert to do the research for you and to do it early. You need to have the right broker with access to as many lenders as possible, so you can get the best deal.

 What if I am buying a home? 

Those with home purchases agreed should also aim to secure rates as soon as possible, so they know exactly what their monthly payments will be. First time buyers have had it tough but there are a growing number of mortgage products available and having a clear understanding of your options as well as your likely borrowing capacity will put you in a strong position to make secure your property.

How to compare mortgage costs 

Trying to go it alone is confusing and time consuming. The best way to compare mortgage costs and find the right deal for you is to speak to a good broker. Rates can change quickly, overnight even, so don’t delay. Our specialist five strong mortgage team are ready to help. Get in touch!