The onset of autumn is here, and whilst there is much speculation about an imminent interest rate rise, experts have been baffled as lenders have brought down their mortgage rates. Several lenders have recently withdrawn existing rates and introduced new, lower priced deals.

Big names such as HSBC and smaller local building societies have joined the pricing war, by introducing some of the lowest deals in years. As a first-time buyer or home mover, there are a couple of points to consider to ensure you make the most these headline rates.

Time is of the essence; the rates can disappear almost as quickly as they were launched, and whilst economists are predicting February 2015 being the earliest the Bank of England may increase the rates, generally lenders put their rates up much sooner. Also, make sure that you have checked the whole market before making a decision, as whilst an advertised rate may be the best one out there, it may only be for people with a larger deposit.

Check the terms of your existing fixed rate. Often, lenders allow you to apply for a new rate within six months of the expiry date. Factor in any fees that may be associated with the new product; the lower the rate, the bigger the fee, so if your mortgage is less than £100,000 then it is advisable to choose a lower fee option, even if the rate is higher. Professionals who have passed their CeMAP training are best placed to give advice on the most suitable mortgage deal for your circumstances.

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