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3rd July 2024

Knowing how to source the best mortgage rate, and the one most suited to your long-term financial plan, can be complex and challenging. How do you successfully navigate the UK mortgage market?mortgage article page

Finding a suitable mortgage that meets your short-term and long-term requirements can be very challenging. With high competition, and different complexities to understand when taking on such a large loan, the task of mortgaging or remortgaging can quickly get overwhelming.

Taking The Leap

If the last few years of uncertainty in the mortgage market have shown anything, it’s that the economy can perform in an unpredictable way. One thing you can be certain of, however, is exactly when your current mortgage deal is coming to an end, and therefore it’s incredibly important to understand not just the options and mortgage rates available to you but when you can start taking action.

Some lenders allow clients to secure their next rate up to six months in advance of the end of their current mortgage interest term, allowing clients to secure lower mortgage rates than may have been available if they had waited until the end of their term. Should mortgage rates rise, this could mean significant savings to clients’ monthly outgoings by planning ahead in this way.

Not only this, but it could prevent the short-term hike in mortgage payments some people experience when they wait until the end of their term to secure their next mortgage rates deal, and their interest rate automatically moves on to a higher rate whilst a new deal is secured.

“We would encourage clients to secure their next mortgage deal in plenty of time before the end of their current term," says Marie Dalrymple, Mortgage and Equity Release Specialist at Ascot Lloyd.

“Whilst mortgage renewals can be worrying times particularly when mortgage rates are higher than when you took out your last deal, together with the help of specialists such as ourselves there are positive measures that can be taken to help minimise the impact on your outgoings.”

Should I Overpay My Mortgage?

When mortgage rates are high, the argument for paying down your mortgage more than you need to is heightened. Normally, mortgage lenders allow you to overpay by 10% per year while in a fixed-term product. Your annual 10% penalty-free overpay allowance does not carry forward if you don’t use it, which is another reason why it’s important to plan as far in advance as possible.

When your current fixed product expires you can pay off as much as you like without any penalty, before then moving onto a new deal. If you have sufficient savings to enable you to overpay, it would be wise to have a conversation with your financial adviser who will be able to help you assess, based on your circumstances, whether using your savings to pay down your mortgage at this time could be more beneficial than investing the money elsewhere.

You also may be able to achieve better mortgage rates where the loan to value is better which is another factor to consider.

Mortgage Conundrum

The mortgage rates market is complex at the best of times, but even more so when you are trying to make the right decision for your entire financial future, of which a mortgage is just one piece of the puzzle.

When living costs are high, it can be challenging to remain committed to a long-term financial strategy. However, your financial adviser can keep you on track while also providing opportunities to ease the strain in the short term too.

It’s important to remember that ups and downs are always to be expected in a long-term plan. Your financial adviser will provide the insights and reassurance you need.

“Financial planning and the mortgage rates market might seem scary, but your financial adviser together with our specialist mortgage advice team will be able to work with you to ensure your plans are on track and to find the right mortgage deal to meet your objectives in both the short and long term,” says Jo Bentley, Independent Financial Adviser at Ascot Lloyd.

At Ascot Lloyd, we source products from the whole of the market, often with access to special mortgage rates and products that aren’t available direct to you on the open market. We can also help you ensure relevant protection arrangements, selected from the whole of the market, are in place where you need these.


Taking on a mortgage is a major life decision while remortgaging to the right deal can be confusing. Your Ascot Lloyd expert mortgage adviser will analyse your circumstances and needs and search the market to get the best deal for you. Click here to book a call back.



Our Financial Advisers are available on the phone so please contact us if you have any questions.

Important Information

Your home may be repossessed if you do not keep up with repayments on your mortgage.

This communication is for information purposes only. Nothing in this communication constitutes financial, professional or investment advice or a personal recommendation.

Any opinions expressed in this document are subject to change without notice and may differ or be contrary to opinions expressed by other business areas or companies within the same group as Ascot Lloyd as a result of using different assumptions and criteria.

This communication is issued by Capital Professional Limited, trading as Ascot Lloyd.  Ground Floor Reading Bridge House, George Street, Reading, England, RG1 8LS.  Capital Professional Limited is registered in England and Wales (number 07584487) and is authorised and regulated by the Financial Conduct Authority (FRN: 578614).