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Should I Fix My Mortgage Now or Wait for Rates to fall?

We were all hoping that mortgage rates were going to have started to fall by May. But with inflation failing to hit the target of 2%, the Bank of England base rate remains at 5.25%. With this in mind, you might be wondering, should I fix my mortgage now or wait for rates to fall?  In this article, Adam Nanson, Managing Director at Your Mortgage Expert provides his advice.

What is the current situation with regards to Mortgage Rates?

Should I Fix My Mortgage Now or Wait for Rates to fall? “In August 2023, the BoE raised the based rate to 5.25%. This was the highest the rate had been for over 15 years and it has remained at 5.25% since.

“Most experts are now predicting the first Base Rate cut will be in August or September. The interest rate that your mortgage provider lends to you is based on the Base Rate. So, if the Base Rate is higher, then mortgage rates are generally higher.

“Notwithstanding this, mortgage rates are still lower now than they were last summer*. And there has been quite a lot of competition from the lenders for business. Meaning that – if you’re fixing a new mortgage now – you’ll probably be in a better position than if you’d fixed a year ago.

“However, your rate is likely to be higher when you fixed last time, whether 2, 3 or 5 years ago. And we have seen mortgage rates creep up slightly over the last few weeks in response to the anticipated Base Rate announcement on 9th May.”

Should I  wait until September to fix my mortgage rate?

“Whether the Base Rate or Mortgage Rates fall is just a prediction and nothing is certain. Much depends on whether inflation continues to go down and whether the UK gets impacted by external financial shocks.

“Therefore, we advise clients to act based on the market situations now. And hope rates improve.

“By locking in a mortgage deal now, you’re protected if rates start to rise for whatever reason. And, as most offers are valid for six months, it gives you time to move to a new deal if mortgage rates do fall.

“At Your Mortgage Expert, we advise you to start looking at new deals at least six months before your deal comes to an end.

“We’re finding that Mortgage Deals aren’t staying on the market for long. In fact, the average deal is on the market for just 15 days**. So don’t delay and lock in a new deal as soon as it is available and before it is pulled.

“Once we have secured you a new deal, we will regularly review rates up until your deal expires. And will switch you to a new deal if one becomes available that will save you money.”

Am I better off opting for a Tracker?

“If your fixed term mortgage deal is coming to an end, the worst thing you can do is to do nothing. If you don’t move to a new deal, your lender will move you onto their SVR which will probably mean you will pay more.

“If you don’t want to fix right now – you might want to consider a Tracker Mortgage or something more flexible.

“A Tracker Mortgage is sometimes known as a variable rate mortgage. It usually tracks the Bank of England’s base rate. When rates are high like they are now, if the base rate does peak and then starts to fall, a tracker will allow you to take advantage of falling rates.

“A tracker remortgage isn’t for everyone. Much depends on your appetite to risk and what you can afford to absorb in your monthly budget.

“We would advise you speak to a mortgage adviser like us to fully review your circumstances and decide what is suited to your situation and budget.

“You might find that a fixed rate mortgage is more suitable. With this, you pay the same for the duration of your mortgage term. This brings certainty to the amount you will pay each month, which many people value. Especially with uncertainty around other bills such as gas, electric and food costs.

“We can guide you through the process including the pros and cons of Tracker Remortgages. We’ll scour the market for the right deals from multiple lenders, handle the paperwork, and save you valuable time, money, and stress.”

Your Mortgage Expert is not like other mortgage brokers. We’ve over 100 five star reviews on Google and over 90 verified reviews on VouchedFor. We can search 1,000 of mortgage deals from over 90 lenders. We have access to special lenders, exclusive deals as well as your big high street banks. 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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There may be a fee for mortgage advice. The actual amount you pay will depend upon your circumstances. The fee is up to 1% but a typical fee is 0.3% of the amount borrowed.



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