Is now a good time to get a mortgage?

DrySherry · 05/04/2026 09:04

First things first, why would you not want to remain in the fortunate mortgage free position? Do you really need more space or are you unhappy with the area you live in ?
Taking on a mortgage, plus all the coming forecasted cost of living increases and inflation will leave you with much less disposable income. Plus the possibility that home values are going to start dropping.
What are your needs/motivations for upsizing ?

likelysuspect · 05/04/2026 09:13

What size is your house now, what price, what are you looking to buy price and size wise, same area? Why the need now and not next year or can you remain in the house you're in with an extension perhaps?

ElvisGrace · 05/04/2026 09:19

The house market has stagnated. It’s not so much. Is it a good time to get a mortgage? It’s not a good time to try and buy a house. There’s nothing on the market. Other than houses that have been neglected for 20 years.
But they’re still trying to achieve the same price as a new build around the corner
Actual madness

gaonimsc4 · 05/04/2026 09:24

It’s not worth trying to predict the housing market, if I waited for things to ‘calm down’ when we were first looking in 2016 after Brexit we’d still be renting. If you find something you like and can afford the mortgage, just go for it. Life will be full of ups and downs during the length of your mortgage.

likelysuspect · 05/04/2026 09:26

gaonimsc4 · 05/04/2026 09:24

It’s not worth trying to predict the housing market, if I waited for things to ‘calm down’ when we were first looking in 2016 after Brexit we’d still be renting. If you find something you like and can afford the mortgage, just go for it. Life will be full of ups and downs during the length of your mortgage.

Exactly this

You make a decision about whether to get a new house based on what you need and what you can afford. If things change, well they change, they will change back again as well

I always had a fixed mortgage in any case, and yes ended up overpaying compared to others but at least knew I wouldnt have any unforeseen costs.

Original poster

rockinrobins · 05/04/2026 09:35

Thanks all!

Tbh we've already made the decision to size up - I don't need to discuss/ work through reasons for that here. It needs to happen at some point in the next year or two.

It's just a question of whether we rush to do it now. Our circumstances would allow us to wait a year or so, but not sure if we would just end up getting a much worse mortgage deal if we wait, with the impact of the war on interest rates.

I suppose I'm asking if we take out a fixed mortgage now, is it likely to be a lower rate than taking it out in 6 months/ 1 year's time due to the war?

Is that something that is utterly unpredictable? Can we not have some kind of idea?

OP posts:

Papricat · 05/04/2026 09:36

Bad time but could get worse.

gaonimsc4 · 05/04/2026 09:39

rockinrobins · 05/04/2026 09:35

Thanks all!

Tbh we've already made the decision to size up - I don't need to discuss/ work through reasons for that here. It needs to happen at some point in the next year or two.

It's just a question of whether we rush to do it now. Our circumstances would allow us to wait a year or so, but not sure if we would just end up getting a much worse mortgage deal if we wait, with the impact of the war on interest rates.

I suppose I'm asking if we take out a fixed mortgage now, is it likely to be a lower rate than taking it out in 6 months/ 1 year's time due to the war?

Is that something that is utterly unpredictable? Can we not have some kind of idea?

Literally no one can tell you. It could all blow over and interest rates could be cheaper, it could escalate and be worse. Nobody has a crystal ball, you just have to take out a mortgage you are comfortable with and accept it could get more or less expensive over the years. I certainty wouldn’t delay based on global politics, it might be another war next year. Just focus on what’s within your control.

likelysuspect · 05/04/2026 09:44

rockinrobins · 05/04/2026 09:35

Thanks all!

Tbh we've already made the decision to size up - I don't need to discuss/ work through reasons for that here. It needs to happen at some point in the next year or two.

It's just a question of whether we rush to do it now. Our circumstances would allow us to wait a year or so, but not sure if we would just end up getting a much worse mortgage deal if we wait, with the impact of the war on interest rates.

I suppose I'm asking if we take out a fixed mortgage now, is it likely to be a lower rate than taking it out in 6 months/ 1 year's time due to the war?

Is that something that is utterly unpredictable? Can we not have some kind of idea?

In that case I wouldnt wait, you cant predict anything and while you're waiting who knows what will happen and then your life is on hold.

Notmyreality · 05/04/2026 09:48

likelysuspect · 05/04/2026 09:26

Exactly this

You make a decision about whether to get a new house based on what you need and what you can afford. If things change, well they change, they will change back again as well

I always had a fixed mortgage in any case, and yes ended up overpaying compared to others but at least knew I wouldnt have any unforeseen costs.

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Exactly this.

topcat2026 · 05/04/2026 10:02

Nobody can accurately predict the future so all you can do is buy when you’re ready and factor in the x % wriggle room in your budget if rates do go up (and I believe they will).

ElvisGrace · 05/04/2026 10:06

I’m pretty sure that if you take out a mortgage you get that rate offered to you for a couple of months at least
I think it was six last time I heard and then if it goes down, you can renegotiate and if it goes up lucky you

Zanatdy · 05/04/2026 11:13

Rates have already gone up, over 1 percent since I secured mine in early March.

KeepPumping · 05/04/2026 14:56

gaonimsc4 · 05/04/2026 09:24

It’s not worth trying to predict the housing market, if I waited for things to ‘calm down’ when we were first looking in 2016 after Brexit we’d still be renting. If you find something you like and can afford the mortgage, just go for it. Life will be full of ups and downs during the length of your mortgage.

Not sure Brexit can be compared to the present crisis, the world will tick along just fine if the EU disappeared tomorrow, not if oil and gas supplies are disrupted though? Most of the bad stuff that was supposed to happen because of Brexit was made up (by Remain) this crisis is real.

KeepPumping · 05/04/2026 14:57

rockinrobins · 05/04/2026 08:51

We are currently in the lucky position of owning our house without a mortgage, but wanting to size up, so would take out a mortgage for the difference. Maybe around £150k.

We're not in a massive rush, but I've heard people say that interest rates are going to go up because of the war.

Does that mean we should be rushing to buy asap and get a fixed mortgage before the interest skyrockets?

What are others in this situation doing?

(Please talk to me like I'm 5, I have very little knowledge about all of this! 😅)

Do you need to sell your house to "size up"?

gaonimsc4 · 05/04/2026 15:29

KeepPumping · 05/04/2026 14:56

Not sure Brexit can be compared to the present crisis, the world will tick along just fine if the EU disappeared tomorrow, not if oil and gas supplies are disrupted though? Most of the bad stuff that was supposed to happen because of Brexit was made up (by Remain) this crisis is real.

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My point is it’s one thing after another. You’re looking at it with hindsight, at the time the market very much stalled due to nervousness, it actually took us over a year to find something in our area because so little came onto the market, it only really started to pick up in the craziness of 2020/21 where I was. Also if you think Brexit was impact free you need to broaden your reading material from the right wing press, I see plenty of harm from Brexit daily in my line of work.

But I digress, it doesn’t matter what the crisis is, or whether you think it’s a crisis, if the OP can afford the mortgage rate there really isn’t any reason to put your life on hold, fix it for 5 years and be done with it. A lot will happen in that 5 years. £150k isn’t a big mortgage and they presumably will have a good amount of equity if they already own outright.

KeepPumping · 05/04/2026 15:56

gaonimsc4 · 05/04/2026 15:29

My point is it’s one thing after another. You’re looking at it with hindsight, at the time the market very much stalled due to nervousness, it actually took us over a year to find something in our area because so little came onto the market, it only really started to pick up in the craziness of 2020/21 where I was. Also if you think Brexit was impact free you need to broaden your reading material from the right wing press, I see plenty of harm from Brexit daily in my line of work.

But I digress, it doesn’t matter what the crisis is, or whether you think it’s a crisis, if the OP can afford the mortgage rate there really isn’t any reason to put your life on hold, fix it for 5 years and be done with it. A lot will happen in that 5 years. £150k isn’t a big mortgage and they presumably will have a good amount of equity if they already own outright.

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I think they need to sell their house first though, that is the more tricky part. Saying to jump into any market anytime at any cost just because you can "afford the mortgage rate" is actually terrible advice.