Mortgage rates are influenced by a range of economic factors, including inflation, the Bank of England base rate and global financial conditions. While rates around 3% have been available in recent years, there is no certainty around future pricing. Lenders set rates based on funding costs and risk, which can change quickly.
Trying to predict future interest rates can lead to delays in decision-making. Waiting for rates to fall may mean remaining on a higher variable rate or missing opportunities that are suitable now. Instead, decisions are usually better based on affordability and stability rather than speculation.
Reviewing your options regularly ensures you are prepared if more competitive rates become available, while still protecting your financial position today.
Your home/property may be repossessed if you do not keep up repayments on your mortgage.
You may have to pay an early repayment charge to your existing lender if you remortgage.
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