The final months of 2020 have been the busiest period for the mortgage market since 2007.

Few lenders were expecting such a strong surge and rates on mortgages across the board are now creeping up, despite the Bank of England’s decision this morning to hold the base rate at a record low 0.1%.

If you are considering a new mortgage, or would like to review your current arrangements, I would advise you do so as soon as possible. Long-term deals are proving popular as borrowers seek clarity over their outgoings, and rates on five-year fixed products continue to look very compelling.

Lenders are also beginning to reintroduce products aimed at borrowers with smaller deposits, which is encouraging. Rates for these products have risen at a faster pace than for those requiring larger deposits, however some lenders are releasing temporary deals at attractive rates.

Whether you are seeking a new mortgage, or would like to have an informal chat about your finances, we’d be happy to hear from you.