If you question is “are interest rates going to go up or down” then my answer is simple: “Yes”.

You might need to read that again to let it sink in. 

If you are taking out a mortgage, you are likely going to be paying it back over 20 to 40 years. In that time, interest rates are bound to go up and down. We just don’t know which way when. 

If you cannot cope with the idea that interest rates may be higher in the future, then maybe buying a home with a mortgage isn’t for you. But the alternative is renting (paying your landlord’s mortgage, whose interest rate will go up and down) or living with family. 

You may think, “I don’t want to buy in at the top of the interest rate cycle or if rates are about to fall.” However, you’ll only know when that is when it’s too late. Are you saying you want to buy when rates are rising? I thought not.

In late 2023 after the disastrous mini budget, I was helping people buy at 6.6% interest rates. Many chose to fix for just 2 years. Two years later, I helped them remortgage. At that point, rates were around 2% lower. This allowed them to either hugely reduce their monthly payments, though many chose to keep approximately the same payment and reduce the term in some cases by over a decade. I don’t think a single one of them regretted buying at the highest rates that had been seen for decades two years on. 

You should of course, only do what is affordable for you.