Despite the forecast, January has been a very active month in the mortgage market. Lenders have started to pass on the reduction in the cost of fixed rate funding, and there are now a number of fixed rate mortgages over two and five years, below 5%. However, over the same period, we have also seen tracker rates becoming less competitive with the lowest two year rates now tracking base rate at least 0.25% higher than 6 months ago, leaving them very close to or above base rate itself. Choosing your new mortgage has become more difficult recently as we have seen a growing trend in lenders withdrawing competitive schemes very soon after their launch, with some examples within days of the launch itself. This means that once you’ve found the right deal, you need to act fast to secure it, as it seems that it's not only time that waits for no man. BEST BUYS In January, L&C have seen the number of mortgage enquiries at record levels in what is always a busy month, with those looking to remortgage at the forefront, as the purchase market has slowed. It is estimated that 1.4 million of us will come to the end of our cheap fixed rates this year, and with the continuing uncertainty in the market, it is probably harder than ever to know what to do. Currently many fixed mortgage rates are lower than comparable discounted and tracker rates, but with interest rates predicted to fall further (possibly even in February), which option will provide the best value? Faced with this dilemma, borrowers may be tempted to delay making a decision, but this is not a luxury many will have as it could lead to months paying a lender's standard variable rate, which would be costly. In this climate it is more important than ever to get some advice if you need it. If you do seek advice, then choose a broker who can recommend a mortgage from the whole of the market and who won’t charge you a fee. CLICK HERE FOR AN ENQUIRY FORM. If on the other hand you are confident that you know the right mortgage, then you can research the whole of the market and make an application through our online system. Whatever you choose to do, don’t choose to do nothing.