Research (1) has shown that online searches for the phrase ‘when will
mortgage rates drop?’ surged from practically zero a year ago, to almost
7,000 during June and July this year, as worry clearly dominates for UK
mortgage holders.

Hopes that rates have peaked heightened in September. After 14 consecutive
meetings where rates were increased, good news came when the Bank of
England’s Monetary Policy Committee voted to retain Bank Rate at 5.25% at its
latest meeting.

In what has been a challenging time for mortgage holders, particularly those
with a fixed rate coming to end, keeping track of available mortgage deals is
hard as lenders alter their offerings. For advice on aspect of your mortgage,
please get in touch.

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

(1) Standard Life, 2023