Preparing to get a mortgage is already a challenging task, but ongoing economic uncertainty makes navigating this milestone even trickier. While mortgage rates are reducing and product choice is increasing, interest rates continue to rise.
According to Moneyfacts, the overall two and five-year fixed mortgage rates fell for a third consecutive month in February, which is good news for mortgage seekers. In addition, the average asking price for a UK home saw the lowest increase for the month from January to February since Rightmove records began in 2001.
Despite this, the Bank of England Base Rate remains at its highest in 14 years and the cost of living crisis is putting extra pressure on the ability to save and budget effectively. A mortgage is a long-term agreement, so it’s important to be clear on what you can afford and complete the necessary preparation to increase chances of a good deal.
