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It is time to review your mortgage?

As the UK mortgage industry continues its recovery from the boom and bust scenario we are starting to see significant increases in average variable mortgage rates. Despite the fact that UK base rates have remained at 0.5% for some time, and appear set to remain there for the foreseeable future, a number of major mortgage providers in the UK have started to edge their rates higher and higher. This is despite the fact that the UK property market is still in trouble and business levels are relatively low. So is now the time to review your mortgage arrangement?

If you are locked into a relatively low mortgage rate then the chances are that you should remain with your current arrangement for the foreseeable future. However, if you are currently on a variable mortgage rate then now may be the time to consider a fixed interest mortgage agreement. Before you decide your next course of action it is imperative that you take professional financial advice to see which avenues are open to you as many of the "value for money" mortgage arrangements are not available to everybody.

There is still significant polarisation in the UK mortgage market between those who have significant equity in their homes, and can afford to pay substantial deposits, and first-time buyers who are looking to get on the ladder. The headlines which dominate the papers today regarding mortgage rates may not always be applicable to you.

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