First-time buyer

Is It Time to Lock In Another Mortgage Rate Now?

September 21, 2023
Information published was correct at the time of writing


Today, Thursday 21st of September – The Bank of England has voted to leave UK based rate on hold at the rate of 5.25%

Hello and welcome to this podcast brought to you by Charles Cameron and Associates.

So, is it time to lock in another mortgage rate now?

Lenders have been continually reassessing and adjusting mortgage products.

Venturing into the mortgage world can feel like stepping into a roaring tempest. Whether you’re a prospective buyer or about to remortgage, the current dynamics in the mortgage market are likely causing some unease. Lenders have abruptly withdrawn some mortgage products due to high inflation and potential further interest rate hikes. Those on the verge of finalising a deal may be left wondering if their intended mortgage will be the next to disappear.


Since the ongoing uncertainty around inflation, lenders have been continually reassessing and adjusting their mortgages, often leading to withdrawn deals. The rapid changes have left many scrambling to keep pace. The concern isn’t merely the shrinking mortgage options but the abrupt withdrawal that could jeopardise ongoing mortgage applications.

The past few months have been challenging, with numerous deals withdrawn and mortgages repriced upwards. In these uncertain times, one thing is sure – anyone remortgaging now will face higher interest rates than their previous deal, which is why it is essential to obtain professional mortgage advice.


This is particularly true for those coming off a two-year fixed rate (or even a five-year fix), as these deals were secured when rates were low. Our advice for those whose mortgages are due to end between now and the year’s end is to start preparing now. Shopping around up to six months before your current deal ends means you could lock in a rate now. This will be beneficial if rates continue to climb.

However, if rates drop, you still have the chance to review the deal, ensuring there won’t be any cost implications. If you’re relocating, you’re likely selling and buying simultaneously. This means you might feel the pressure of mortgage uncertainty and its potential impact on your property chain.


Despite the chaos, first-time buyers are the least affected by the rates as they have yet to be used to a particular monthly payment. Property prices are stabilising, so they can buy for less, although the difficulty with deposits remains. First-time buyers should seek professional mortgage advice now more than ever. Advisers have a duty of care to ensure they are doing the best for them, both now and for their future intentions.

This consumer duty adds extra protection for the consumer. When remortgaging in the future, these first-time buyers will hopefully face lower rates. They can either reduce monthly payments or the term, or reconsider borrowing options to increase their mortgage.

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Don’t forget, our professional friendly advisers are on hand to support you and can help you explore all of your options. 

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