Is Now the Time to Fix Your Mortgage? Let’s Talk Rates, Deals & What You Need To Do

Mortgage chat can feel like a minefield, but with interest rates shifting again, it’s worth paying a little attention. Whether you’re already on the property ladder or still dreaming of your first home, here’s what Laura shared on BBC Morning Live this week:

Interest rates have dropped

The Bank of England has cut interest rates to 4.25%, the lowest in over two years. Why have they chosen to do this? To encourage spending and give the economy a bit of a boost. If you’ve got a tracker mortgage, that means lower monthly repayments could be on the way as soon as next month. 

What if you’re on a fixed rate?

If your fixed deal ends within the next six months, you’re in what’s called the roll-off window. You can usually either lock in a new deal now or switch to a better one if rates drop again before your new one kicks in.

Some lenders are already offering fixed deals below 4%, so it’s a good time to start shopping around. Just keep an eye on exit fees if you’re thinking of moving early.

Is now the right time to buy a home?

People often ask us: “When’s the best time to buy?” but sadly, there are no crystal balls at Financielle HQ…

If you’ve found a home you love and can afford it, and there isn’t some dramatic housing or economic crisis, it’s usually best to focus on you and not try to “time it” well as in reality – even the experts don’t know exactly what is going to happen.  Banks do proper affordability checks and stress tests to make sure your mortgage is sustainable – even if rates rise.

So what’s the quick life admin you need to do?

Whether you’re remortgaging, buying, or just keeping an eye on things, now’s the time to get proactive and check your current rate if you have a mortgage and see if you can beat that rate by shopping around.

We know that buying your first home or remortgaging can be a really stressful life moment and finding the right Mortgage Broker can feel overwhelming. Financielle has narrowed down the search so you can find a Mortgage Broker that’s right for you. Click here* to get started!

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