Calm waves in the sea
It’s no secret that 2022 has presented a difficult path for business owners & home- owners across the UK, with September and October being particularly tumultuous. Post-pandemic issues, the cost -of- living crisis and the hike in energy process have all contributed to families and business having to re-assess their finances and plan accordingly for the months ahead. 
As we move into 2023, there will be a significant number of customers coming to the end of a fixed rate mortgage product and with such sharp increases in the interest rates over the previous months, they will be facing the reality of a potentially substantial increase in their monthly mortgage payments. 
Many of these customers may opt for the slightly smoother path offered by Product Transfer with their existing lender, however many will be considering a remortgage in the hope they can find a better deal elsewhere. 
Are mortgage rates coming down? 
According to Zoopla*, ‘as the money markets are starting to adjust to the changing political outlook, mortgage rates are expected to fall to around 5% next year and perhaps towards 4% by the end of 2023- and this is likely to be the new norm. The days of cheap lending is now firmly behind us.’ 
We’ve certainly seen a return of the tracker rate as customers look to keep their payments as low as possible whilst keeping their options open – ready to switch to a fixed rate they believe the timing is right. This may not always be the best option as the base rate is likely to rise further and by not fixing, this could prove a short-term, more expensive option. 
What is going to happen next? 
While nobody can predict the future, knowing where you stand as a customer and clearly understanding your options is a good place to start. Speaking to your mortgage broker and taking professional advice is highly recommended. If you’re a first- time buyer, a mortgage broker will help you understand your affordability and can search the whole of market to find the best deal for your bespoke circumstances. 
* (22/11/2022) 
How do I find out more? 
Call us on 01302 866787 and speak to one of our trusted advisers. 

FCA Disclaimer 

According to our research, the content contained in this article is accurate at the time of writing. 
Infomation on this website is NOT bespoke advice to its audience and therefore does NOT constitute financial advice. 
Readers are encouraged to contact our qualified advisers directly for mortgage and protection advice. 
As a mortgage is secured against your home, it may be repossessed if you do not keep up with repayments. 
Some types of buy to let mortgages are not regulated by the FCA. Think carefully before securing other debts against your home. 
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