With the Autumn Budget approaching and mortgage costs under pressure, homeowners are looking for clear answers about what the changing economic picture could mean for their finances.

New research from Santander suggests that 93% of homeowners believe mortgage brokers have an important role in helping them understand government policy and economic changes. The findings highlight the value of having someone explain how the headlines relate to your own circumstances.

Average fixed mortgage rates approach 6%

According to Moneyfacts figures reported by Mortgage Introducer, the average two-year fixed mortgage rate stood at 5.96% on 15 October, while the average five-year fixed rate was 5.99%.

With the Autumn Budget due on 28 October, borrowers are facing decisions about their next mortgage deal against a backdrop of uncertainty.

These figures are market averages. Your available options will depend on factors including the equity in your home, your income, your credit history and the lender’s criteria.

Homeowners want advice they can use

Santander’s research found that homeowners particularly valued help understanding what changes could mean for them personally:

• 45% wanted a clear explanation of the impact on their circumstances.

• 39% wanted support understanding affordability and borrowing options.

• 36% wanted guidance on when to apply for a mortgage.

Among homeowners who had used or spoken to a broker during the previous 12 months, 88% said they felt more secure about the buying or remortgaging process.

That is where a mortgage review can help: understanding your payments, comparing your options and deciding on a suitable course of action.

Should you wait until after the Budget?

Our view is that, if your current mortgage deal is approaching its end, it makes sense to start reviewing your options now.

A review gives you time to compare a new deal from your existing lender with alternatives elsewhere. It also allows you to assess product fees, legal costs and any early repayment charges alongside the interest rate.

If you allow your deal to expire without arranging an alternative, you will usually move onto your lender’s standard variable rate, which could mean higher payments. Starting your review around six months before your deal ends gives you time to prepare, although application and rate reservation windows vary between lenders.

Reviewing your mortgage early does not mean you need to complete a switch immediately. It gives you a clearer picture of your choices before making a decision.

Get a clear plan for your mortgage

At Chetwood Lloyd Mortgages, we provide independent, fee-free mortgage advice, with straightforward explanations and recommendations based on your circumstances.

If your deal is ending, you are planning a move or you want to understand your options, we can help you work out the next step.

Book your mortgage review.

Your home may be repossessed if you do not keep up repayments on your mortgage.