How to find the best mortgage deal

Pressures on household finances have been headline news for months. The cost of living crisis with the proposed increase in energy prices and inflation above 10% has involved Government ministers and experts discussing solutions almost on a daily basis. However, one aspect yet to be given the same spotlight is the impact on mortgages.

Interest rates have been steadily rising since the beginning of the year moving from 0.25% to the current rate of 1.75% announced last month. The Bank of England base rate has not been this high since December 2008, with many homeowners never having experienced anything but low mortgage rates.

The Bank of England are due to meet this month and it’s expected that rates will be increased again by 0.25% to try to combat rising inflation. Many analysts are now forecasting mortgage rates to hit 4% by the end of the year and not fall below this benchmark until April 2024.

With over £100bn worth of mortgages expected to mature before the end of 2022 there will be increased pressure on lenders to keep up with the demand and support homeowners in securing the best deal.

Different mortgage rates

The lowest rated mortgage deals are not necessarily the best for everyone. Tracker or variable rate deals were popular when interest rates were high. They accounted for 7 out of 10 mortgages in 2009 and allowed homeowners to immediately benefit from the fluctuation in the interest rate. Following the financial crisis, interest rates plummeted and fixed rate mortgage deals became the favoured option.

Both are still widely available. Current offers for fixed rate deals seem to be pitched quite high for them to come down later. This makes tracker mortgages more appealing but they offer a higher degree of risk that monthly payments may increase.

According to Moneyfacts, as banks and building societies become inundated with mortgage applications the average deal is now on the market for just 17 days. With so much movement in the market and so many different deals on offer, independent and unbiased advice as to which mortgage deal is right for your circumstances is becoming more and more important.

Switching mortgage deals

In today’s marketplace, lenders are changing schemes available on a daily basis and rates have been on the increase. At Poole Townsend, we would recommend you start looking at your options six months before your current deal ends. With some lenders, we can reserve a product now with completion being once your current deal ends to avoid incurring any penalties. This timescale also gives you plenty of time to assess the current offers and make an informed choice.

We have access to a wide range of mortgage lenders, from the main high street banks and building societies to more bespoke providers lending to those with less equity in their properties for example. Our mortgage advisers can compare mortgages with short and long term options for fixed and variable deals, opportunities to change the term of your mortgage if required and advise on early repayment charges or fees for securing your deal.

Ultimately, your choice of mortgage deal comes down to how much flexibility you have within your monthly budget. Whether you’re a first time buyer or looking to remortgage, let our experts guide you through the maze and secure the type of mortgage that’s best for you.

Learn more about our mortgage service on our dedicated mortgage pages or contact our Mortgage Brokers to book your first appointment with us.

You’re in safe hands

Trust our team of local experts to provide the best advice on a wide range of legal and financial issues whenever you’re facing a life change and need the best support.

0800 389 2939

Our team are available Monday to Friday 9am - 5pm

Find Your BranchMEET THE TEAM

She'll be glad you planned ahead

Organising your finances today, while planning for the future can be a challenge. We’ll put the kettle on – and take the pressure off.


You'll know when it's time to talk

From making a will, to matters of business law our qualified solicitors can offer advice and guidance. Pop in for a chat or call us to make your free appointment.


Sign up for our newsletter

Your details

Signing up to our newsletter will place you on our weekly property guide, providing you with the latest properties for sale and industry news.
You can unsubscribe at any time. We value your privacy and will not share your details.

© Poole Townsend 2017 - 2024. All rights reserved.
Poole Townsend solicitors Ltd (Company no:10964550) is a company registered in England and Wales with its registered office at 69-75 Duke Street, Barrow in Furness, LA14 1RP. A list of directors is available at the registered office address. Authorised and regulated by the Solicitors Regulation Authority number 647087. We are independent financial advisers authorised and regulated by the Financial Conduct Authority. VAT registration number :154365563.

Poole Townsend Solicitors Ltd are authorised and regulated by the Financial Conduct Authority.
Poole Townsend Solicitors Ltd is entered on the Financial Services Register. under reference 807084.

Poole Townsend Estates Ltd. (Company number 10960705) is a company registered in England and Wales with its registereed office at 69-75 Duke Street, Barrow in Furness LA14 1RP. A list of directors is available at the registered office address. Authorised and regulated by the Solicitors Regulation Authority number 8004592. VAT Registration number 288092466. Our Estate Agency is a member of The Property Ombudsman Scheme.

Poole Townsend Estates Ltd Property Client account has client money protection, to view our Client Money Protection Certificate please click here. To view our Equality and Diversity Data please click here. The Propertymark Conduct and Membership Rules can be found here.

Professional Indemnity Insurance – please contact Martin Oates at the address above if you require details of cover held.

Registered with the Information Commissioners Office for data protection purposes (ICO No: ZA494153 & ZA331395)


Book Your Free Valuation

Fill out the form below and we'll get in touch to arrange your free valuation.

Your Details

We value your privacy and will not share your details.