Not much lower, is probably a fair answer. After all, mortgage rates have hit historic lows with fixed rate mortgage deals now coming in at 1.09%* – for a 5 year term!

As a Guildford mortgage broker, Complete Mortgages has been helping people get a mortgage since 2005, but we’re now entering a period that hasn’t been seen for almost two decades.

So, now that the pandemic is broadly under management and the economy is on the up, is now the time to pop the champagne?

With the cost of borrowing low, it’s great news for people who are now able to apply for a cheap mortgage. If that’s not enough, the cost of property is also appreciating at a significant rate, too.

However, it’s easy to get caught up in the good and forget the bad, especially when money is cheap and property prices are high, but just remember – nothing lasts forever. And this brings us on to the core purpose of this piece.

We often touch on how low mortgage rates are. We’re also quick to alert our clients (and readers of our articles) when there’s a plethora of competitive mortgage deals on the market. However, there are two things that differentiate today’s mortgage market from previous periods.

Firstly, the mortgages rates of today are extremely low. Secondly, many experts are forecasting that with rates so low, the mortgage market is ‘bottoming out’. And when you reach the bottom, the only way is up. Finally, with demand for property so high and property prices rising at their current rate, you have to ask ‘how long will it be before they raise interest rates?’.

We don’t have the answer to that question, of course. However, these three points could possibly be the three ingredients for a perfect storm – a storm that effectively curbs demand on properties should interest rates and mortgage rates increase.

We’ve used this analogy before, but it’s a bit like timing the financial markets whereby investors wait for what they think could be the dip. Whilst we’re not analysts or economists, it wouldn’t surprise me if, in five years’ time, we look back and see that Q2 of 2021 was, in fact, the dip.

With that in mind, it’s our view that now – as in right now – is a good time to get a mortgage with a low interest rate and lock in an amazing fixed rate mortgage deal before rates start to rise.

Whether you’re looking for a first time buyer mortgage or simply want to remortgage, we have access to many of the best mortgage deals in the UK. Simply call one of our Guildford mortgage advisers on 01483 238280 or email

* Example: 1.09% fixed to 31/08/2026 (2.7% APRC)*

Example based on a property value of £500,000 and deposit of £200,000. Mortgage is £300,000 over a term of 25 years on a Capital and Interest basis. Arrangement fee £995 and can be added to the loan. Initial rate of 1.09% applies until 31/08/2026 and then reverts to SVR (currently 3.59%). The overall cost for comparison is 2.7% APRC. Monthly payment £1,146.67. Total amount payable over 25 years is £414,984