As the autumn leaves start to fall, there’s plenty going on in the mortgage world — from interest rate changes to talk of stamp duty reform.
Here’s your update on what’s happening in the mortgage market this month and what it could mean for you.
Stamp Duty Rumours: What’s Actually Happening?
There’s been a lot of noise recently about possible changes to stamp duty — with some reports suggesting the government might reduce it, reform it, or even scrap it altogether.
But here’s the key takeaway: nothing has been confirmed yet.
While it’s natural to wonder if it’s worth holding off on a purchase to “see what happens,” any potential changes may take time — and there’s no guarantee they’ll benefit your specific situation.
Our advice? If you're ready to move, don’t delay your plans based on what might happen. As soon as any official announcements are made, we’ll break them down for you - until then, it's very much hear-say!
Mortgage Rates Are Creeping Back Up
After a period of falling or steady rates earlier in the year, we’ve started to see some lenders increase their mortgage rates over the past few weeks.
Here’s why:
- While the Bank of England base rate is still at 4.00%,
- Swap rates (which lenders use to price fixed-rate mortgages) have risen,
- …largely due to inflation staying higher than expected.
As a result, some fixed-rate mortgage deals are now slightly more expensive than they were last month.
What this means for you:
- If you’re coming to the end of a fixed deal within the next 6 months, now is a good time for us to begin looking at your options.
- Many lenders allow you to secure a new rate early and still switch to a better one later if things improve. We will always monitor your rate from submission to completion to ensure that you always complete on the lenders lowest cost option.
What’s Happening in the Housing Market?
The combination of rising rates and stamp duty speculation has led to a bit of a slowdown in the property market.
Some buyers are waiting to see what happens with taxes or hoping for better rates. But that approach carries some risks:
- Mortgage rates may continue to rise in the short term.
- Delaying a decision could mean missing out on a good deal or your ideal property.
If you’re serious about buying, it’s worth speaking to us sooner rather than later — we’ll help you weigh up your options and make a decision that suits your personal circumstances.
What Should You Do Right Now?
Here are a few simple steps to stay ahead:
- Check when your mortgage deal ends – if it’s within 6 months, we can start looking now - get in touch with us to start the process!
- Don’t wait for tax changes that may never come (although lets hope they do!!!) – make decisions based on what’s happening today.
- Speak to us for personalised advice – we’ll help you make sense of the market and your choices.
We can take the stress out of the mortgage process — and make sure you feel confident about your next steps.
