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Advice

Mortgage Roulette: Is It the Right Time to Fix Your Mortgage?

Leasa Foster Leasa Foster
2 min read

Deciding when or if to fix your mortgage rate feels like a gamble right now. Do you go for black and ride out the uncertain wave or opt for red and fix your mortgage now? The mortgage market has been in a highly turbulent state over the last 12 months at the same time as all households’ bills continue to rise. For most, the largest bill each month is their mortgage payment so many are facing the decision of what to do to keep this payment as low as possible.

How to Future Proof Your Mortgage

All mortgage products are different, with some tracking the current Base Rate, some with a discount off the Base Rate and some with a fixed rate for a certain period of time. The gamble then is what do you opt for now for your first mortgage or what to do next if your mortgage product is coming to an end?

There is still uncertainty over the interest rates set by the Bank of England. However, interest rates on fixed mortgage deals are edging down with some 5 and 10 year fixed below 5%. Further cuts are possible in the short term after the base rate has held at 5.25% this month. Mortgage Lenders have been steadily reducing rates since July 2023 and trajectory of mortgage rates have begun to slow.  

Mortgage Advice from a Conveyancer's Perspective

Having worked as a conveyancer for 20+ years, I've seen the highs, lows and middles of the property market. My advice is be organised in advance and also speak to a Mortgage Broker or your current Lender to see what current products are available. 

Once you are armed with all the information you need, you can then make your decision.

Client feedback

We worked with Leasa at Winston Solicitors for our house move and she was absolutely amazing from start to finish. She really went the extra mile for us! Her communication was impeccable, she was friendly, knowledgeable, and assertive when needed. When the chain became difficult and the completion date was at risk, Leasa went above and beyond to make sure everyone got over the finish line. You always hear horror stories about slow or unhelpful solicitors, but Leasa was a complete breath of fresh air. The whole process felt smooth and well-handled thanks to her. Couldn’t recommend her highly enough!
Christopher
Very good communication, unlike some other solicitors, very efficient and knowledgeable. Leasa Foster and her assistant Julie were also very supportive as l was coping with buying and a sale
"Carol"
I have used Leasa and Winston Solicitors for sometime now and always impressed by the service and efficiency. The team are always on the ball , the communcation is excellent nothing is too much trouble.Thank you again for your help with another sale and purchase.
Tania
We would fully recommend going with Winston Solicitors for your next purchase and/or sale. Sidraa and Tom were outstanding throughout and kept us informed at every stage. They were very professional, knowledgeable and easy to contact. We will definitely use them again should we ever look to move house.
James
Excellent response times, feel very supported by them, and give good, fair and impartial advice too when needed. Very professional.
Jessica
Found the process smooth and efficient. I was able to get information I required promptly and if not available immediately on the telephone then any messages left were replied to. Siddra Razaq and Tom McIlroy were responsible for the handling of my sale and I would certainly use them again.
"Dianne"
Very helpful and promptly anwsers emails as soon as.
Anonymous
Many of my family members have used Winstons Solicitors for their conyancing, over many years. I too have now used them and they did not disappoint. Samantha Robertson-Strong and Paulo Dos Santos were my main persons of contact. They were highly professional and very thorough, whilst maintaining an air of friendliness and approachability throughout. I cannot recommend them highly enough!
Mr T
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