The question on everyone’s lips at the moment is ‘Will mortgage rates reduce in 2023?’
After the turmoil following the mini-budget in the Autumn, where we saw mortgage deals being pulled left, right and centre, to be replaced by eye-watering interest rates, we’re beginning to see a little calm after the storm.
Although the heady days of fixed rate deals stating with a 1 may be gone, the rates of 6 or 7% that we were seeing at the end of last year appear to be settling down to more palatable levels, with many lenders reducing their rates incrementally throughout December & January.
We’re currently seeing emails from lenders every few weeks advising that they’re reducing their rates, which is only good news for our clients. For those clients who secured a new deal early and are awaiting completion, there’s the opportunity for our advisers to check that the deal they signed up for is still the best for them.**
So if you, like 1.4 million other households in the UK*, are coming to the end of a fixed rate in 2023, it is well worth seeking advice from an independent mortgage adviser to see what the best deal for you will be. Even if you’re tempted to stick with your current lender, for example Barclays who like many Lenders are offering better mortgage rates for existing customers, it’s good to know that mortgage advisers will often have access to not only those same rate switch deals but potentially other cheaper rates too. Your existing Lender will often offer you a good rate to retain your business if you’re a good customer, but other Lenders want to attract those same ‘good customers’ too!
Although the news may be be full of doom and gloom about what remortgaging is going to look like in 2023, seeking independent advice is a good first step in understanding how this could affect your mortgage over the coming months.
To get in touch to discuss your remortgage needs, simply complete the form below and one of our advisers will be in touch.
**subject to lender policy