If you’re currently on a variable rate mortgage, such as a tracker mortgage, then it’s highly likely that over the course of recent weeks you’ve asked yourself – and probably on multiple occasions, too – should I get a fixed rate mortgage?
And, if you’d asked our team of Guildford mortgage brokers the same question as little as a week ago, we would likely have all shouted ‘yes!’.
However, the speed at which things are changing means that the mortgage advice we gave last week may be different to what we’re advising this week. And this is a good thing, because any good mortgage broker in Surrey right now is having to adapt to changing market conditions on a very frequent basis. If we weren’t changing our approach, we wouldn’t be doing our job effectively.
But what exactly has changed over recent weeks? Well, aside from a brand-new Chancellor, another incoming Prime Minister and a series of governmental U-turns, it does appear as though things might be changing when it comes to getting the best mortgage deal – mainly due to the fall in gilt yields.
Typically speaking, as gilt yields fall so too do mortgage rates. Of course, we’re not going to suddenly see a dramatic drop in mortgage rates. However, any reduction in rates – even at 0.50%, for example – would be welcome right now following recent news that inflation has hit 10%.
On that basis – and at the time of writing – if you’re on a variable mortgage then we’re advocating a wait and see approach over the next few days as there is a chance that you could benefit from getting a cheaper mortgage as new and revised mortgage products hit the market.
It’s important to remember that everyone’s circumstances are different, so there may be some people who would benefit from switching to a fixed rate mortgage now rather than later. Regardless of your circumstances, now, more than ever, is a time during which advice from a good mortgage broker is invaluable.
So, whether you’re thinking of leaving a tracker mortgage for a fixed mortgage, or need to remortgage to avoid the standard variable rate, our team of Guildford mortgage advisers can help.
Get in touch to find out how by calling 01483 238280 or e–mailing info@complete-mortgages.co.uk. We’re also a specialist equity release mortgage broker, too, so if you’re 55 and over and considering your options, then we can help.
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