As 2024 comes to a close, many homeowners and first-time buyers are looking for ways to secure the best mortgage deal before the new year. With fluctuating interest rates and shifting market conditions, it’s crucial to act strategically to lock in a favourable rate. Here’s how you can make the most of the current market to secure a great deal before 2025:

1. Understand Your Options

The first step is to decide between a fixed-rate and a variable-rate mortgage. Fixed-rate mortgages offer stability, locking in your interest rate for a set period. This is ideal if you’re concerned about future rate increases. However, if you believe rates may drop, a variable or tracker mortgage might save you money in the long run, though they come with more risk.

2. Shop Around

Don’t settle for the first offer you receive. Consult with your mortgage adviser to access exclusive deals not available directly from lenders. Remember, the smallest difference in interest rates can save you thousands over the term of your mortgage.

3. Check Your Credit Score

Lenders offer the best rates to those with strong credit. Before applying, check your credit score and ensure it’s in good shape. Simple steps like paying off debts, making payments on time, and avoiding new credit applications can boost your score quickly.

4. Consider Overpaying

If you’re already on a mortgage, making overpayments can reduce your balance and potentially lower the rate offered when you remortgage. Just ensure there are no penalties for doing so.

By following these tips, you’ll be in a strong position to secure a great mortgage deal before the new year. For more information, contact your adviser today to discuss the best option for you.