Mortgage Advice You Can Use Right Now

Looking for a mortgage can feel like walking into a maze. The good news? You don’t need a finance degree to find a deal that works for you. Below you’ll get clear steps that take the mystery out of rates, payments and remortgaging.

Read the Rate, Not the Jargon

First thing to check is the headline rate. In mid‑2025 the average 30‑year mortgage rate sits around 5.2% in the UK, but lenders often hide extra costs in the APR. Grab a quick snapshot from a trusted source and write it down – that’s your starting point.

Next, decide if you want a fixed or variable deal. Fixed rates lock your payment for a set period (usually 2, 5 or 10 years). They’re great if you expect rates to rise. Variable rates move with the market, which can save you money when rates fall, but they also can jump up unexpectedly.

Ask yourself: how long do you plan to stay in the house? If you’re moving in three years, a short‑term fixed might be cheaper. If you plan to stay a decade, a longer fixed gives peace of mind.

Calculate What You Can Actually Pay

Don’t just look at the monthly figure the lender quotes. Use a mortgage calculator – plug in the loan amount, rate and term, then add the estimated fees (valuation, arrangement and legal). That gives you a realistic monthly outlay.

For example, a £200,000 loan at 5.2% over 25 years works out to roughly £1,210 a month, plus around £200 in fees spread out over the term. If you can afford £1,400, you have a buffer for interest rate changes or extra payments.

Paying a little extra each month can shave years off the loan. Even a £50 increase cuts the term by about two years and saves thousands in interest.

When to Think About Remortgaging

If your current mortgage is over three years old, it’s worth checking the market again. A lower rate can drop your payment dramatically. Our recent guide on "Remortgage Example: How Remortgaging Works and When to Consider It" shows a typical homeowner saving £150 a month by switching from a 5.5% rate to 4.8%.

But remortgaging isn’t free. You’ll face exit fees, valuation costs and possibly a higher early repayment charge. Add those up and compare the total saving over the next two to three years. If the numbers still look good, go for it.

Credit score plays a big role. A score above 750 usually lands you the best rates. If your score is lower, work on paying down existing debt and correcting any errors on your credit report before you apply.

Final Checklist Before You Sign

• Write down the advertised rate and the APR.
• Confirm the total fees and add them to your monthly cost.
• Use a calculator to see the real monthly payment.
• Check how long you plan to stay in the house and pick a fixed term that matches.
• Look at your credit score – improve it if needed before applying.
• If you’re already in a mortgage, compare a remortgage deal and add up all costs.

Follow these steps and you’ll feel confident that you’re getting a mortgage that fits your budget and your future plans. No more guessing, just clear numbers and a smart decision.