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Current Mortgage Market - what are the options?

Current mortgage market - what are my options?

This video will take a brief look at where the mortgage market currently stands, and the choices open to borrowers.

Availability of mortgage finance remains restricted, and the level of deposit or equity in the property is key in determining the rate you'll pay.

Borrowers with equity of 25% or more in their property will find lenders offering greater choice, and much better interest rates, than for those with a smaller deposit. Those with only 10% or less, will find there are few, if any options on the table. The deals that are available may also prove difficult to qualify for.

However, there are still thousands of deals on the market, so what kind of deal should you go for? The dilema is a familiar one - should you opt for a variable or fixed rate?

Base rate trackers still offer the lowest initial rate, but will rise if and when the Bank of England base rate increases. Meanwhile, fixed rates have been getting more expensive, but offer protection against rising rates.

As rates are changing constantly, check out the best buys on our website to compare the rates currently available for both fixed and variable mortgage deals. In reaching a decision, it's important to think about how you would cope with rising payments. Try using our online calculators to stress test your monthly budget and see how your monthly payments would increase as interest rates rise. This will help you evaluate whether a fix or a tracker is the right deal for you.

But for free advice, tailored to your individual circumstances, call one of our advisers on 0800 953 0304 or fill out the enquiry form below.