Getting the right mortgage for your needs can save you thousands of pounds, secure your payments or raise capital.

But it’s hard to know which deal is best for you, and even more difficult in the current turbulent market, with rates changing regularly.

Richard Campo, founder of mortgage broker, Rose Capital Partners, said: “The Bank of England’s recent decision to raise rates has certainly kept brokers busy. With the possibility of further rate increases or a hold at 4.25%, it’s crucial for homeowners to spring clean their finances and secure the best mortgage deals now.”

The broker has published its top tips for mortgage consumers looking to spring clean their finances.

Here’s what Campo said:

1. Act now to secure a mortgage

Given the potential for rising rates, now may be the best time to secure a mortgage. As higher rate expectations filter into money markets, mortgage rates could creep up in the coming weeks. Our financially astute clients are reading the same signs and taking action to lock in the most affordable funding.

2. Review your current mortgage

Take a look at the terms, outstanding balance, and interest rate. This will help you make informed decisions about refinancing, overpaying, or seeking better deals.

3. Consider fixed-rate mortgages

With mortgage rates having dropped slightly in recent weeks, a 5-year fixed-rate mortgage at under 4% might be an attractive option for qualified borrowers. This could provide stability and peace of mind in an uncertain rate environment.

4. Weigh the benefits of tracker mortgages

If you believe that rates might decrease significantly next year, you could consider a tracker mortgage. However, keep in mind that financial predictions can be uncertain, and the anticipated decrease to a 3% base rate by the end of 2024 hinges on several “what if” scenarios. If one thing is certain, there is no sure-fire certainty when it comes to the economy!

5. Reassess your budget

Take a fresh look at your monthly budget and identify areas where you can save. Allocating these savings towards your mortgage can help you pay it off faster and potentially save money if rates continue to rise.

6. Create an emergency fund

Set up a savings account to cover unexpected expenses or changes in your financial situation, such as job loss or illness. Having an emergency fund can help you avoid taking on more debt or falling behind on your mortgage payments.

7. Monitor your credit score

A strong credit score can help you secure better mortgage rates and terms. Regularly check your credit report for errors and take steps to improve your credit rating.

8. Seek professional advice

Consult an independent mortgage broker to help you navigate the changing interest rate landscape. They can provide guidance on the best mortgage options for your specific needs and financial goals.