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Selling a home off market is on the rise but is it wise?

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Roughly one in 10 Britons sold their home off-market in the final three months of last year – the highest level recorded since 2015, according to Hamptons International.

Homes outside the capital are now accounting for 56 per cent off-market sales, up from 45 per cent in 2015.

Selling off-market typically means avoiding advertising property on the main property portals such as Rightmove and Zoopla.

It also means no ‘for sale’ signs – either outside the home or inside the estate agent’s shop window.

London is the hotbed for off-market sales: Almost a quarter of London homes sold off-market in the final three months of 2022

London is the hotbed for off-market sales: Almost a quarter of London homes sold off-market in the final three months of 2022

The data also revealed that while homes outside the capital have been accounting for a greater share of off-market sales, London remains very much the hotbed for the discreet seller. 

A whopping 22.3 per cent of homes sold off-market in London during the final three months of 2022.

To put that in context, off-market sales accounted for 11 per cent during the same period in 2019 and only 8.4 per cent in 2018.

Off-market sales have traditionally been reserved for the most expensive properties, where privacy and discretion are important considerations.

In London, the share of homes costing more than £1million that are selling off-market increased to 29 per cent last year, up from 18 per cent three years earlier.

And the trend seems to be accelerating. In the final three months of last year, a staggering 32 per cent of London homes worth £1 million or more were sold off-market, according to Hamptons.

Matthew Thompson, head of sales at London estate agent, Chestertons, said: ‘Off-market sales have been particularly popular with high-end properties but we have recently seen more sellers of homes priced under £1 million who decide to secure a sale off-market.

‘Contrary to an on-market listing, sellers are solely dependent on the estate agent’s network and skills to find a relevant buyer.

‘It’s therefore important to choose an established estate agency that is well-connected.’

Growing phenomenon? The proportion of off-market homes being sold outside the capital also rose to 56% last year, the highest on record

Growing phenomenon? The proportion of off-market homes being sold outside the capital also rose to 56% last year, the highest on record

Nigel Bishop, founder of buying agency Recoco Property Search, adds: ‘The majority of properties we find for our clients are off-market.

‘Sellers favour this approach as off-market negotiations tend to only attract serious buyers who are ready to make an offer which often translates into faster sales transactions.

‘Some vendors might not see the same buyer interest that they witnessed over the past two years which makes an off-market sale more attractive.’

How do you sell a home off-market?

There are several ways to sell a house off-market, according to the House Buyer Bureau.

Sellers can try to find a buyer privately, but usually they employ an estate agent to sell their home without advertising on the open market.

Less common off-market selling styles include selling at auction, or selling to a cash house buying company. 

The most common method is to use an estate agent to discreetly market the property to buyers they already have on their books.

Catherine Merrett, sales manager at Richmond estate agency Antony Roberts, says: ‘We are definitely seeing an increase in sellers choosing a discreet marketing strategy for various reasons across our offices.

‘They understand that a good local agent will have a great database of potential buyers to speak to.

‘For example, one vendor was selling a four-bedroom family house last autumn. They did not have the house quite ready for marketing and were concerned about it sitting on the portals as the market was uncertain following the mini-Budget.

‘So we devised a plan whereby we would offer it discreetly during the autumn months and if we didn’t sell it, we would implement a full marketing campaign in the Spring.

‘Even without the aid of photographs or floor plans, we were able to find a great buyer, agreed a fantastic price for the house and exchanged contracts just before Christmas.

‘We are currently discreetly marketing another property – a beautiful, recently-refurbished conversion apartment that is not quite finished or photo-ready.

‘We are showing it to those applicants on our database who we know are in the market for such a property.’

What’s behind the off-market trend?

The uptick in off-market sales is likely to have been caused by the slower property market.

Sellers have been more likely to use off-market sales as a way of testing the market and their asking prices, without having to publicise any reductions or reveal how long the property has been for sale.

The housing market has come to somewhat of a standstill in recent months.

Sellers are being accused of setting unrealistic asking prices, while prospective buyers are said to be standing by and waiting for property prices to fall.

The number of prospective homebuyers registering with agents fell from 2.5 per available property in December 2021, to 1.4 per property in December 2022, according to Propertymark, an estate agent membership body, representing a 45 per cent fall in buyer demand year-on-year.

Falling demand: The number of prospective homebuyers registering with agents fell from 2.5 per available property in December 2021, to 1.4 per property in December 2022

Falling demand: The number of prospective homebuyers registering with agents fell from 2.5 per available property in December 2021, to 1.4 per property in December 2022

Perhaps an even clearer indication of collapsing demand is that mortgage lending fell by over a fifth in December, the fourth consecutive month that the number of individuals borrowing for a house purchase declined.

In total 35,600 mortgages were approved in December, according to data from the Bank of England, the lowest level since May 2020.

If you ignore May 2020 – when the UK property market was effectively in shutdown during the first lockdown – it’s actually the worst figure recorded since January 2009. 

In what has clearly become a difficult market for sellers, there is a danger when advertising on Rightmove and Zoopla that a home that’s failing to sell can actually start to put potential buyers off.

Whatever the reason, it is usually the case that the longer a property remains listed online, the less interest it seems to attract.

Buyers deem the months of marketing as a clear sign there must be something wrong, and interest in the property can tail off.

Mark Wells, founder and chief executive of off-market property platform, Invisible Homes, says: ‘The reason that off-market selling works is because there’s uncertainty at the moment about where house prices are heading.

‘There are fewer buyers in the marketplace, which means that there’s less chance of selling and an increased chance of clocking up time on Rightmove and Zoopla.

‘The problem with the typical open market is that it puts a date stamp on your property and gives evidence of any price falls. This can begin to work against the seller.

‘Evidence suggests that buyers are put off by property that isn’t selling. Even after a month they will begin thinking – if nobody else is interested, why would I want this?

‘Going on the open market is a risk at the moment because if you don’t sell on the open market, you’re essentially devaluing your property by not selling. 

‘Selling off-market means you can approach buyers who are serious and are in the market and want to buy without that time stamp gathering around a property. 

‘This hides any indicators that a seller may be desperate or that nobody is interested in buying a property.’

Hidden away: Selling properties off market allows you to discreetly market them

Hidden away: Selling properties off market allows you to discreetly market them

Wells says his off-market platform, Invisible Homes, which is currently available to sellers and buyers in central London locations, is seeing a surge in activity thanks to the current market conditions.

Invisible Homes signed up 70 new agents in its first year of launching the platform. This year, in January alone it says it added 30 new estate agents.

‘This is a clear indication of how people are now viewing off-market selling,’ says Wells.

‘As long as your estate agent is doing a good job, they have access to your home when they need and they have enough buyers on their books, then selling off market should work well.

‘If selling off-market fails, you can always launch it on the open market later without having damaged your chances of selling.’

What to do if you need a mortgage 

Borrowers who need to find a mortgage because their current fixed rate deal is coming to an end, or because they have agreed a house purchase, should explore their options as soon as possible.

This is Money’s best mortgage rates calculator powered by L&C can show you deals that match your mortgage and property value

What if I need to remortgage? 

Borrowers should compare rates and speak to a mortgage broker and be prepared to act to secure a rate. 

Anyone with a fixed rate deal ending within the next six to nine months, should look into how much it would cost them to remortgage now – and consider locking into a new deal. 

Most mortgage deals allow fees to be added the loan and they are then only charged when it is taken out. By doing this, borrowers can secure a rate without paying expensive arrangement fees.

What if I am buying a home? 

Those with home purchases agreed should also aim to secure rates as soon as possible, so they know exactly what their monthly payments will be. 

Home buyers should beware overstretching themselves and be prepared for the possibility that house prices may fall from their current high levels, due to  higher mortgage rates limiting people’s borrowing ability.

How to compare mortgage costs 

The best way to compare mortgage costs and find the right deal for you is to speak to a good broker.

You can use our best mortgage rates calculator to show deals matching your home value, mortgage size, term and fixed rate needs.

Be aware that rates can change quickly, however, and so the advice is that if you need a mortgage to compare rates and then speak to a broker as soon as possible, so they can help you find the right mortgage for you.

> Check the best fixed rate mortgages you could apply for 

Some links in this article may be affiliate links. If you click on them we may earn a small commission. That helps us fund This Is Money, and keep it free to use. We do not write articles to promote products. We do not allow any commercial relationship to affect our editorial independence.

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Luxurious four-bedroom riverside penthouse with views of London skyline goes on market for £6m

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Life at the top! Luxurious four-bedroom riverside penthouse with 2,599sq ft of space over two floors and fantastic views of London skyline goes on the market for £6million

  • The stylish duplex is located in the Victorian goods warehouse of Butler’s Wharf 
  •  As well as being split over two floors, the apartment has a unique water feature

A luxurious four-bedroom riverside penthouse with 2,599sq ft of space over two floors and fantastic views of the London skyline has gone on the market for £6million.

The spectacular home has three terraces, all of which boast incredible panoramic views overlooking Tower Bridge, the Shard, the Thames and the London city skyline.

The stylish duplex is located in the historic Victorian goods warehouse of Butler’s Wharf, which has made its name for being one of the most sought after addressed on the waterfront.

Butler’s Wharf was built in 1873 as a shipping wharf and warehouse complex for exotic goods like tea, coffee, fruit and fine fabrics that had been imported to London from Asia and the Caribbean. 

Today, it is known as the flagship residential building on the Tower Bridge riverside.

The stylish duplex apartment has three terraces to enjoy the panoramic views overlooking Tower Bridge, the Shard, the Thames and the London city skyline

The stylish duplex apartment has three terraces to enjoy the panoramic views overlooking Tower Bridge, the Shard, the Thames and the London city skyline

The apartment is on the sixth and seventh floors with an open plan living/dining room and a large kitchen/breakfast room on the seventh floor

The apartment is on the sixth and seventh floors with an open plan living/dining room and a large kitchen/breakfast room on the seventh floor

The four-bedroom penthouse in a historic Victorian goods warehouse is one of the most sought after addresses on the waterfront

The four-bedroom penthouse in a historic Victorian goods warehouse is one of the most sought after addresses on the waterfront

Most impressively, the property also features a walled garden with a unique water feature, which can be accessed from the main bedroom

Most impressively, the property also features a walled garden with a unique water feature, which can be accessed from the main bedroom

Butler's Wharf was built in 1873 as a shipping wharf and warehouse complex for exotic goods like tea, coffee, fruit and fine fabrics that had been imported to London from Asia and the Caribbean

Butler’s Wharf was built in 1873 as a shipping wharf and warehouse complex for exotic goods like tea, coffee, fruit and fine fabrics that had been imported to London from Asia and the Caribbean

When the docks in Shad Thames closed in the late 1960s, early 70s, the building was used as a film set and artists’ space – even featuring prominently in a 1983 Doctor Who episode about the Daleks. 

Then, in the late 1980s, it was converted into residential properties by British designer Sir Terence Conran.

In fact, the restaurants that Conran launched – including Le Pont de la Tour, where the Clintons and Blairs famously dined in the 1990s – are still there today.

This duplex apartment is one of the larger penthouses.

The large space also provides an incredible space for entertaining.

It has 2,599 sq ft of accommodation, which is split over two floors. 

The apartment is on the sixth and seventh floors with an open plan living/dining room and a large kitchen/breakfast room on the seventh floor.

Meanwhile, the terraces span the width of the penthouse.

This duplex apartment is one of the larger penthouses. The large space also provides an incredible space for entertaining

This duplex apartment is one of the larger penthouses. The large space also provides an incredible space for entertaining

Three of the four bedrooms have en-suite bathrooms and two have walk-in wardrobes

Three of the four bedrooms have en-suite bathrooms and two have walk-in wardrobes

On the sixth floor there are four bedrooms, three of which have en-suite bathrooms and two have walk-in wardrobes. 

Most impressively, the property also features a walled garden with a unique water feature, which can be accessed from the main bedroom.

It also has two secure underground parking spaces and 24-hour concierge service. But the new owner will need to pay a £15,000 service charge each year.

Speaking about the incredible property, Jon Byers, director at Anderson Rose who are selling the apartment, said: ‘This duplex penthouse is one of the neighbourhood’s finest homes.

‘As we come into the spring and summer seasons, residents can entertain across the penthouse’s three terraces whilst providing their guests with some of London’s most magical views.

‘The duplex is a London gem which we anticipate will garner much interest and not remain on the market for very long.’

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Grade II listed cottage where banoffee pie was created 50 years ago goes on the market for £550,000

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A Grade II listed cottage which was the birthplace of banoffee pie over 50 years ago has gone on the market for £550,000.

Monks Rest is one of the Hungry Monk Cottages which was created after The Hungry Monk restaurant in Jevington, East Sussex, closed down in 2012.

The owner of the eatery Nigel Mackenzie and his head chef Ian Dowding claim they invented the banoffee pie in 1971 after creating the dessert based off a San Francisco recipe for Blum’s Coffee Toffee Pie.

Now the detached house has been put up for sale, boasting oak beams and benefits from off-road parking to compliment the half a million pound price tag.

Described as a ‘spaciously proportioned charming period cottage’, the house also includes two bathrooms, a downstairs shower room, and three bedrooms including one with an en-suite.

Grade II listed cottage Monks Rest in Jevington, East Sussex, which was the birthplace of banoffee pie over 50 years ago has gone on the market for £550,000

Grade II listed cottage Monks Rest in Jevington, East Sussex, which was the birthplace of banoffee pie over 50 years ago has gone on the market for £550,000

Monks Rest is one of the Hungry Monk Cottages which was created after The Hungry Monk restaurant closed down in 2012

Monks Rest is one of the Hungry Monk Cottages which was created after The Hungry Monk restaurant closed down in 2012

The owner of the eatery Nigel Mackenzie and his head chef Ian Dowding claim they invented the banoffee pie in 1971 after creating the dessert based off a San Francisco recipe for Blum's Coffee Toffee Pie (file photo)

The owner of the eatery Nigel Mackenzie and his head chef Ian Dowding claim they invented the banoffee pie in 1971 after creating the dessert based off a San Francisco recipe for Blum’s Coffee Toffee Pie (file photo)

Now the detached house has been put up for sale, boasting oak beams and benefits from off-road parking to compliment the half a million pound price tag

Now the detached house has been put up for sale, boasting oak beams and benefits from off-road parking to compliment the half a million pound price tag

Where did the banoffee pie come from?

The banoffee pie recipe by Nigel Mackenzie and Ian Dowding was first published in The Deeper Secrets of The Hungry Monk in 1974.

It was later reprinted in their 1997 cookbook, In Heaven With The Hungry Monk.

In the early 1980s, supermarkets began to sell their versions of the sweet treat, but instead titled them as ‘American Pie’.

Mackenzie was keen to keep the title as the co-inventor of the much-loved dessert annd offered the public a £10,000 prize to anyone who could disprove their claim to be the English inventors of the pie

Speaking to the Telegraph in 1984, Mackenzie described the copying as ‘terribly galling’ and described the M&S version of the dish as ‘outstanding’ and Tesco’s as ‘disgusting’.

Said to be Margaret Thatcher’s favourite food to make, banoffee pie has been re-created by many celebrity chefs in the years since including British Bake Off legend Mary Berry.

Nigel Mackenzie sadly died in July 2015, and Ian Dowding works as a consultant chef and writer.

The area in which the property is located has been described as ‘the picturesque old-world village of Jevington within the South Downs National Park.’

The Hungry Monk Cottages property listing reads: ‘This Grade II listed cottage affords a 22′ sitting room as well as 2 further reception rooms and a 15’ kitchen/breakfast room.

‘Attractive features include a wealth of old oak beams and joinery as well as two inglenook-style fireplaces.

‘The property also benefits from off-road parking. An internal inspection will convey the charm and considerable appeal of this fine home.

‘Monks Rest is enviably situated in the heart of the idyllic downland village of Jevington which sits within the scenic South Downs National Park to which there is easy access from Monks Rest.

‘Friston Forest borders the southerly end of the village with the sea beyond at Birling Gap. There are mainline rail services from Polegate and Eastbourne to London Victoria and to Gatwick.

‘Eastbourne is about six miles distant and offers a range of private and state schools as well as shopping facilities. There is a world-class opera nearby Glyndebourne.’

The banoffee pie recipe by Nigel Mackenzie and Ian Dowding was first published in The Deeper Secrets of The Hungry Monk in 1974 and later reprinted in their 1997 cookbook, In Heaven With The Hungry Monk.

In the early 1980s, supermarkets began to sell their versions of the sweet treat, but instead titled them as ‘American Pie’.

Keen to keep the title as the co-inventor of the much-loved dessert, Nigel offered the public a £10,000 prize to anyone who could disprove their claim to be the English inventors of the pie. 

Described as a 'spaciously proportioned charming period cottage', the house also includes two bathrooms, a downstairs shower room, and three bedrooms including one with an en-suite

Described as a ‘spaciously proportioned charming period cottage’, the house also includes two bathrooms, a downstairs shower room, and three bedrooms including one with an en-suite

The area in which the property is located has been described as 'the picturesque old-world village of Jevington within the South Downs National Park'

The area in which the property is located has been described as ‘the picturesque old-world village of Jevington within the South Downs National Park’

The Hungry Monk Cottages property listing reads: 'This Grade II listed cottage affords a 22' sitting room as well as 2 further reception rooms and a 15' kitchen/breakfast room' (pictured)

The Hungry Monk Cottages property listing reads: ‘This Grade II listed cottage affords a 22′ sitting room as well as 2 further reception rooms and a 15′ kitchen/breakfast room’ (pictured)

The home is situated in the 'heart of the idyllic downland village of Jevington' which is within the scenic South Downs National Park

The home is situated in the ‘heart of the idyllic downland village of Jevington’ which is within the scenic South Downs National Park

Located near the Friston Forest borders, the home is on the southerly end of the village which is not far from the sea with the sea at Birling Gap

Located near the Friston Forest borders, the home is on the southerly end of the village which is not far from the sea with the sea at Birling Gap

The banoffee pie recipe by Nigel Mackenzie and Ian Dowding was first published in The Deeper Secrets of The Hungry Monk in 1974 and later reprinted in their 1997 cookbook, In Heaven With The Hungry Monk (pictured is Monks Rest cottage)

The banoffee pie recipe by Nigel Mackenzie and Ian Dowding was first published in The Deeper Secrets of The Hungry Monk in 1974 and later reprinted in their 1997 cookbook, In Heaven With The Hungry Monk (pictured is Monks Rest cottage)

Said to be Margaret Thatcher's favourite food to make, banoffee pie has been re-created by many celebrity chefs in the years since including British Bake Off legend Mary Berry (pictured is Monks Rest cottage)

Said to be Margaret Thatcher’s favourite food to make, banoffee pie has been re-created by many celebrity chefs in the years since including British Bake Off legend Mary Berry (pictured is Monks Rest cottage)

Speaking to the Telegraph in 1984, Mackenzie described the copying as ‘terribly galling’ and described the M&S version of the dish as ‘outstanding’ and Tesco’s as ‘disgusting’.

Said to be Margaret Thatcher’s favourite food to make, banoffee pie has been re-created by many celebrity chefs in the years since including British Bake Off legend Mary Berry.

Nigel Mackenzie sadly died in July 2015, and Ian Dowding works as a consultant chef and writer.

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How much would it cost to make your home greener?

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Two thirds of homeowners would like to make energy efficient improvements to their properties, a study from Butterfield Mortgages has found.

Environmental concerns are the greatest driver of change with over half (54 per cent) of respondents saying their worries have led them to consider increasing the energy efficiency of their homes.

But the cost of carrying out improvements such as insulation, heat pumps and double glazing can be high. 

Almost a fifth (17 per cent) of homeowners surveyed said they had considered remortgaging to fund energy-efficient upgrades – in the hope that it would then bring their energy bills down. 

Motivation: Some 46% of homeowners have been driven to make efficiency changes in their homes as a result of spiralling energy costs

Motivation: Some 46% of homeowners have been driven to make efficiency changes in their homes as a result of spiralling energy costs

Since coming out of the pandemic demand for gas has gone through the roof, but supply has struggled to catch up. It has sent prices soaring and pushed up the cost of gas and electricity for both households and businesses.

This has been compounded by Russia’s invasion of Ukraine which has led to a squeeze on gas supplies across Europe.

However, despite the wholesale price of gas and electricity falling since December household bills are still high.

In the survey, 46 per cent said that the energy crisis and spiralling costs had led them to accelerate their home renovation plans. The figure rises to 65 per cent among people aged between 18 and 34 years old. 

Other are motivated to improve the efficiency of their home in order to increase its future sale value, with 36 per cent saying they are making the changes in order to improve their home’s energy performance certificate rating.

Alpa Bhakta, chief executive of Butterfield Mortgages, said: ‘Homeowners are increasingly looking for ways to improve the energy efficiency of their properties, whether to reduce costs, improve future sale values, or contribute to a greener future. 

‘We can expect millions of owners to invest in home improvements in the months and years to come – and some may be looking to re-finance their property in order to do so.

‘Our research also uncovered a significant knowledge gap among homeowners that needs addressing. Less than half are aware of what the EPC rating of their property is.

Lofty ambitions: Wall or loft insulation is a popular way to make a home more energy efficient

Lofty ambitions: Wall or loft insulation is a popular way to make a home more energy efficient  

‘As sustainability considerations rise, homeowners and buyers alike will be turning to their brokers and lenders for guidance on EPC-related issues, particularly if legislation around residential properties is introduced in the future. 

‘Those who are aware of this growing trend now have an opportunity to become well-versed in the issues ahead of time and can help advise clients appropriately.’

EPC is a rating scheme which bands properties between A and G, with an A rating being the most efficient and G the least efficient. The most common EPC rating for homes in the UK is a D. 

Butterfield’s survey showed that just 40 per cent of homeowners know their property’s current EPC rating.

When asked what they had already done to make their homes greener, the most common improvements were installing LED light bulbs (66 per cent), investing in double or triple glazing (57 per cent), adding loft or wall insulation (55 per cent), and using a smart meter (46 per cent). 

How much do energy efficient home improvements cost?   

For those looking at adding efficiency improvements to your home, it is worth knowing the cost so you can decide what is best for your property.

Double glazing can save you up to £235 a year in energy bills, according to the Energy Saving Trust, keeping heat in and noise and drafts out. However, it comes with an big upfront cost. Fitting A-rated double glazing to the average semi-detached house costs around £7,500.

Keeping more heat in your home through wall or loft insulation is also a popular choice. Around 35 per cent of heat leaves buildings through the walls, according to insulation experts LoftZone.

There are two types of insulation, external and internal. External insulation involves fitting insulating material and then rendering or cladding over it. Internal insulation is mostly a form of thermal sheeting that is fitted to the inside walls. This will reduce room size when installed.

The cost of insulating the outside of a three-bedroom semi-detached home with solid wall insulation is around £12,000, or £8,500 if done inside, according to the Energy Saving Trust.

Double glazing reduces energy bills but comes with a significant upfront installation cost

Double glazing reduces energy bills but comes with a significant upfront installation cost 

However, that then leads to a big drop in energy bills – £240 a year for a mid-floor flat all the way up to £930 a year for a detached house.

Cavity wall insulation can save up to £1,800 a year but there can be serious issues if it is not properly installed.

Heat pumps are another way to improve your home’s green credentials. The work by gathering heat from either the air or ground and can replace traditional gas boilers and experts say they can cut up to 25 per cent off your energy bills as the devices require less power to run.

Air source heat pumps can cost between £8,000 and £14,000 to install, according to data from Uswitch.

Meanwhile, ground source heat pumps are generally pricier, with a system costing from £15,000 to £30,000.

What to do if you need a mortgage 

Borrowers who need to find a mortgage because their current fixed rate deal is coming to an end, or because they have agreed a house purchase, should explore their options as soon as possible.

This is Money’s best mortgage rates calculator powered by L&C can show you deals that match your mortgage and property value

What if I need to remortgage? 

Borrowers should compare rates and speak to a mortgage broker and be prepared to act to secure a rate. 

Anyone with a fixed rate deal ending within the next six to nine months, should look into how much it would cost them to remortgage now – and consider locking into a new deal. 

Most mortgage deals allow fees to be added the loan and they are then only charged when it is taken out. By doing this, borrowers can secure a rate without paying expensive arrangement fees.

What if I am buying a home? 

Those with home purchases agreed should also aim to secure rates as soon as possible, so they know exactly what their monthly payments will be. 

Home buyers should beware overstretching themselves and be prepared for the possibility that house prices may fall from their current high levels, due to  higher mortgage rates limiting people’s borrowing ability.

How to compare mortgage costs 

The best way to compare mortgage costs and find the right deal for you is to speak to a good broker.

You can use our best mortgage rates calculator to show deals matching your home value, mortgage size, term and fixed rate needs.

Be aware that rates can change quickly, however, and so the advice is that if you need a mortgage to compare rates and then speak to a broker as soon as possible, so they can help you find the right mortgage for you.

> Check the best fixed rate mortgages you could apply for 

Some links in this article may be affiliate links. If you click on them we may earn a small commission. That helps us fund This Is Money, and keep it free to use. We do not write articles to promote products. We do not allow any commercial relationship to affect our editorial independence.

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