In our last mortgage advice article, we predicted that the ringing in of the New Year would also see the beginnings of a mortgage rate war. And, a bit like clockwork, this war has already begun.
The UK’s large lenders have already cut their rates (quite significantly in some instances) and this downwards race to the cheapest mortgage rates is likely to continue as lenders fight to attract homeowners following a relatively sombre 2023.
As a Guildford mortgage broker, we’re familiar with the ups and downs of the mortgage market and the ever-swinging pendulum that perpetually sees mortgage rates swing from high to low.
The question is, are you?
Mortgage broker benefits
As we’ve documented before, there are many reasons to use a mortgage broker. However, in a marketplace where mortgage rates are continually moving – whether that’s up or down – the benefits of using a mortgage adviser become quite clear quite quickly.
In the case of Complete Mortgages, our team of Surrey mortgage brokers are tuned in to the mortgage market on a daily basis. They’re also continually speaking with lenders. As a result, they’re incredibly sensitive to every rate shift, no matter how small.
As we now know, mortgage rate increases were commonplace throughout 2023; in fact, applying for a mortgage should have come with a ‘blink and you’ll miss it’ warning.
Getting the cheapest UK mortgage
Now, of course, the pendulum looks set to swing in the other direction, which means we could be seeing daily rate decreases.
Now, that’s much more preferable to rate increases. However, the important question if you’re applying for a mortgage in 2024 is do you have the time and energy to be continually monitoring mortgage products?
We do, of course. That’s exactly what we do. It’s also our job to make you aware of them, too. So, as 2024 seems to already be picking up pace – both in terms of cheaper mortgage products and the property market – now’s a good time to consider using a mortgage broker rather than going it alone.
To make things even more challenging, the first few weeks of a New Year are an incredibly busy time as there’s always a surge in mortgage applications.
With a mortgage broker, however, not only do you have someone constantly working to get you the best mortgage rates from a wide panel of lenders, but they also have good access to the lenders responsible for making the decisions.
Our advice for 2024? Use a mortgage broker to avoid missing the best mortgage deals.
Looking to get a mortgage in 2024? Contact our team of Guildford mortgage advisers today to book an appointment on 01483 238280 or by e-mailing info@complete-mortgages.co.uk.
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