If you’ve read our recent articles around rising interest rates and growing inflation, then the title of this week’s article may seem at odds – not only with what we’ve been saying, but also with the wider challenges that the UK economy is currently facing.

However, the truth is that getting a cheap mortgage is possible – and it’s a possibility that’s potentially more about you and your property rather than external factors such as the economy.

Yes, UK fixed rate mortgage deals might be starting to feel like less of a deal compared to where we were six months to a year ago. And this is likely to continue – particularly if interest rates continue to rise. However, given the growth in property values, there are more and more people who now qualify for the best mortgage deals in the UK simply because they can now benefit from a better loan to value ratio.

If you took out a mortgage two or three years ago, then there are two things that could have happened in the interim. Firstly, you might have paid a healthy amount of it off. Secondly, the value of your property has probably risen considerably.

So, if you took out a 90% loan to value mortgage a few years ago, then depending on how much your property value has risen (and how much you’ve paid off in the subsequent years), you might be able to apply for an 80% loan to value mortgage – or even less. Not only does a lesser loan to value mortgage mean that your borrowing liability is less, but mortgages with a lower loan to value ratio attract the best mortgage rates.

Unlike the Bank of England, which has a number of levers to play with in order to regulate the economy in the wake of inflation and growing interest rates, the typical borrower doesn’t have many tools to play with. However, this is one lever that you – the property owner – can use to your advantage.

If you’re wondering ‘can I apply for a low loan to value mortgage?’, or if you know you can based on increasing property prices coupled with your decreasing mortgage liability, then our team of Guildford mortgage brokers can help. If you’re a client of Complete Mortgages then we automatically make you aware of what’s possible when it comes to the best way to reduce mortgage payments. However, if you’re not – and you don’t have a trusted mortgage broker to turn to – then you might miss the opportunity to reduce your monthly mortgage payments. Our advice? Get a mortgage broker to help you before interest rates and mortgage rates get any higher.

Contact the team at Complete Mortgages, a mortgage broker in Guildford, to find out what’s open to you and whether or not you can reduce your monthly mortgage outgoings simply by switching products. You can reach us on 01483 238280 or by e-mailing info@complete-mortgages.co.uk.