The rising cost of mortgages in the UK has created significant financial pressure for both existing homeowners and those looking to get on the property ladder. But while the landscape may seem daunting, there are practical steps and opportunities available that can help ease the burden.

Whether you’re approaching the end of your current deal, applying for your first mortgage, or simply trying to manage increasing monthly payments, taking action early is key.

1. Reevaluate Your Mortgage Options

As mortgage rates climb, it’s worth taking a closer look at your current deal. You may be able to save money by switching to a better product or lender.

  • Explore the full market: Work with a mortgage advisor, like One Dome, who can search across 90+ lenders to find the most competitive options for your situation.
  • Time it right: You don’t have to wait until your fixed term ends—brokers can help you lock in a new deal up to six months in advance.
  • Know what you can borrow: Use a mortgage calculator or speak to an advisor to find out your borrowing power.

👉 Find out how much you could borrow.

2. Review and Rework Your Budget

When your outgoings increase, your budget is the first place to look for relief. Take a detailed look at your monthly income and spending, and identify where you can cut costs:

  • Reduce non-essential expenses (e.g. subscriptions, dining out)
  • Shop around for better deals on energy, insurance, and broadband
  • Set up spending alerts or budgeting apps to stay on track
  • Even small savings can help offset higher mortgage repayments.

3. Consider Making Mortgage Overpayments

If your financial situation allows, mortgage overpayments can help reduce the long-term impact of rising interest rates.

  • You’ll pay less interest overall
  • You may be able to shorten your mortgage term
  • Check your lender’s overpayment policy—some allow up to 10% per year without penalties

Even modest overpayments can lead to significant savings over time.

4. Talk to Your Lender About Temporary Options

If you’re struggling to keep up with higher repayments, don’t wait—contact your lender. They may be able to offer short-term solutions, such as:

  • Switching to an interest-only mortgage temporarily
  • Extending your mortgage term to reduce monthly payments
  • Setting up a payment holiday or alternative repayment plan (depending on your circumstances)

Lenders are required to offer support to borrowers in financial difficulty, so it’s worth having the conversation early

Don’t Face Rising Mortgage Costs Alone

Managing the cost of mortgages doesn’t have to be overwhelming. From securing a better deal to reviewing your finances, there are steps you can take right now to gain control.

If you’re unsure where to start, our expert mortgage advisors are here to help. Get in touch today for tailored guidance and practical support.

Call us on 01489 555 080 or start your mortgage check now.

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