Summer Mortgage Madness


Well, what a month we’ve had – and the summer holidays are only just starting – those of us with children will be getting ready for more madness at home.

Mortgage rates have gone up, and average rates have come down only by very little.  In real terms, that is only (as of today) 2 lenders and a very slim reduction in the average rate of fixed rates.  We’ve had doom and gloom – pundits* quoting a 25% drop in the property market, together with glimmers of hope where the inflation news has come in over the last couple of days.  Core inflation has dropped from 7.1% to 6.9%** – still nowhere near the 2% target, but definitely going in the right direction.

Although the inflation news is better, the Bank of England meet again on 3rd August and is expected to take heed of the news.  However, those same pundits*** are still hedging their bets between an increase of 0.25% or 0.5% – it is now expected to be the peak – but don’t take my word for it – this is just the word on the street.

How Can We Help?

The good news is that regardless of the economic outlook – we are here to help you with your mortgage and assure you that we will always get the deal, which is most suited to your circumstances, at rates that will be the most competitive we can get from the market. 

Rates will come and rates will go, we will always be here to answer any questions you may have.  If you already have a mortgage, you might be thinking that now is the time to start securing a rate – remember it’s best to start the process at least 8 months before your current rate expires, so you’ve got time to get all your paperwork in order and understand what the future (well at least of your mortgage repayments if nothing else) looks like.    We can apply for a new rate up to 6 months before your rate expires, and we will continue to review the lenders’ rates, which means we can move you across to a lower rate if one becomes available.  So it’s a win-win 😊 – if you can call rising mortgage payments a win, that is.

What’s Your Next Move?

You may be considering that next move, or perhaps jumping in and purchasing your first home.  We are here to get you ‘mortgage ready’ even if you don’t want to buy or move just yet – getting yourself into the best possible position to be able to buy when you are ready is always a smart move.  We are here to help.

All in all – I believe we are ending July in a more upbeat mood than we started it.  Hopefully, the inflation news will continue to be good, if only gradually.  That can only positively affect the mood of the market and of the UK as a whole.

And if all else fails… there are only 157 days until Christmas 🤣

Your home may be repossessed if you do not keep up repayments on your mortgage. The information contained within was correct at the time of publication but is subject to change.


*Will UK house prices fall? What experts say about reports of a 25% drop due to rising interest rates ( 17 July 2023

**United Kingdom Core Inflation Rate – June 2023 Data – 1997-2022 Historical ( June 2023 data

***Bank of England to take Bank Rate to 5.50% over next two meetings: Reuters poll | Reuters 26th June 2023