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Review your mortgage deal ‘as soon as possible’

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Borrowers are being urged to check they are on the best possible mortgage rate as soon as they can.

After a slow start to the year, hampered by some pre-election jitters, the mortgage market is expected to pick up in the coming months.

However, borrowers are being warned to prepare themselves for rate rises in future.

Brian Murphy, head of lending at Mortgage Advice Bureau, said rates were currently at historic lows, but this would not remain the case forever.

“Consumers continue to benefit from record low mortgage rates, and the stamp duty reform implemented in December 2014 has helped to make climbing the property ladder even more affordable,” he said.

“After a slow start to 2015, mortgage lending has picked up considerably, and lenders have a strong appetite for business.

“However, these preferential conditions won’t be around forever. Homeowners who haven’t reviewed their mortgage deal recently should do so as soon as possible: switching could save hundreds of pounds each month, particularly when moving from a standard variable rate (SVR).

“Locking into a fixed-term rate could be the best option for homeowners that want to protect themselves against any future rate rises.”

Murphy advised borrowers considering purchasing a home to wait and see if the government announces any new housing policies.

“For those who have not yet joined the housing ladder but think they may be in a position to do so, speaking to a mortgage expert is the best way of deciding what route to home ownership is best – and whether it’s worth waiting for some of the new government policies to materialise before making a move,” he added.

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