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Is now a good time to get a mortgage?

One of the things we get asked most often from clients right now is, what is happening with mortgage rates and is now a good time to get a mortgage. In our latest article, we look at what the current industry predictions are and whether now is a good time to get a new mortgage.

Should I fix now or wait for rates to go down?

Is now a good time to get a mortgage?

If you are within six months of your current mortgage deal coming to an end, we would advise you to lock in a new rate now. Then if rates do go down, you can change deals within that six month time frame. And if rates do go up, you’ve got that cheaper deal locked in.

Likewise, if you are looking to purchase a property, we would recommend you do the same. Lock in your deal now and then you are protected if rates go up. Or, you can switch to a different deal if rates go down.

If you use a mortgage adviser then they will do all the hard work for you. By checking you have the most suitable deal available to you and switching your rate if mortgage rates go down and there is time left before the end of your current deal.

Are mortgage rates likely to go down or up?

At the moment, industry experts are undecided about what is likely to happen with mortgage rates. And this makes if very difficult for us to predict whether mortgage rates are going to go up or down.

At the start of the year, most forecasts were that rates were likely to continue falling this year. In fact, at the start of February, average mortgage rates had fallen again for the sixth month in a row*.

However, since then inflation has held at 4%. And we have seen mortgage swap rates start to rise which means that many lenders have started to price up their mortgage products. Whilst, simultaneously, some lenders have priced down their mortgage products.

Some forecasters are now predicting rates will start to fall in June**. But in reality the situation isn’t entirely clear.

For this reason, we are advising clients to lock in rates as soon as possible. With a view to changing products or deals if the situation improves.

When will the next Bank of England rate decision be?

The next monetary policy review is set for 21st March 2024. We would need to see inflation falling before then in order for them to consider a rate cut. Especially since the rate was held at the last meeting and that decision was not unanimous***.

Before that, we also have the March Budget. We will be watching with interest to see what the Government unveils and hope there will be some positive initiatives for mortgage holders.

Your Mortgage Expert is not like other mortgage brokers. Our small, friendly team has over 80 years of experience in the mortgage and protection industry. We’ve over 100 five star reviews on Google and over 90 verified reviews on VouchedFor. And we would love to work hard for you.

We don’t charge anything up front, so by speaking to us, you are under no obligation. We are based in Salisbury, Wiltshire, but we can help you no matter where you live in the UK.

Simply call us on 01722 322683 or complete a contact us form on our website and tell us when it would be best to get back in touch with you.


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Your Mortgage Expert is a trading name of Your Mortgage Expert Limited which is an appointed representative of Mortgage Advice Bureau Limited and Mortgage Advice Bureau (Derby) Limited which are authorised and regulated by the Financial Conduct Authority.

Registered Office Address: 18 New Canal, Salisbury, England, SP1 2AQ. Registered in England Number: 08924507.

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