Smart steps to take in an uncertain mortgage market

While the Bank of England (BOE) has started cutting the base rate in recent times, mortgage pricing remains mixed.

While the base rate dropped by 0.5 percentage points between October 2024 and March 2025, average fixed mortgage rates initially climbed.

However, recent market changes have seen sub-four per cent deals return for some borrowers, driven by falling swap rates and increased lender competition.

Keep calm and carry on

Although lower mortgage rates have appeared, uncertainty and a lack of confidence in the housing market is still apparent.

It is completely normal to feel uneasy, but taking a calm approach can help you stay in control of your mortgage, even as the market changes.

If your current mortgage deal is coming to an end, start shopping around well before your fixed rate expires.

Many borrowers are now securing new deals months in advance, with the option to switch later if better rates become available.

Lenders offer varying rates, and the most competitive deals can change rapidly.

Weigh the real cost of the mortgage, not just the rate

Do not assume that a longer fixed term will be cheaper over time.

These mortgages often come with lower headline rates, but they may cost more overall when fees and early repayment charges are considered.

Although rates remain higher than in previous years, there are still ways to take control of your finances and prepare for future changes.

Keeping up with payments and, where possible, making small overpayments can help reduce your balance over time.

If your mortgage allows it, this could ease the pressure later on if rates continue to rise.

A steady income and clean credit history will also help when it comes to securing a better deal.

Have the increased rates made you nervous about purchasing a house, and want to discuss your mortgage options? Contact our advisers for expert advice today.