The September Mini-Budget sent the economy into a tailspin, causing chaos in the mortgage market and sending interest rates rising.
A change at Number 10 & 11 Downing Street, and the Autumn Statement has bought some stability, but many mortgage holders and first-time buyers are still left scratching their heads.
The burning question for many is, whether to seek a fixed-rate mortgage or not. Should they seek the safe harbour of a fixed interest rate for a set time period, or take their chances on a variable rate or other deals?
While there are signs of market volatility subsiding, there are still numerous red lights flashing on the dashboards of the UK and global economy.
From the continuing war in Ukraine and the associated hikes in energy prices to the soaring general inflation across the board, it doesn’t look like anything is certain, apart from more uncertainty.
It’s not all bad news, there are reports of banks and building societies bringing more investment, saving and mortgage products back onto the market at rates, which are much more palatable than even a few months ago.
Each mortgage, just like investment plans, needs to fit the needs and demands of the individuals involved.
For those looking to either take out a first-time mortgage or re-mortgage, the sensible option is to seek professional independent advice to find the best fit.
Remember, your monthly mortgage repayments are likely to be your largest outgoing and reducing costs in this area could free up capital to invest in other places.
