Is it worth playing the waiting game in the hope of a better mortgage deal?

theguardian.com:

Would-be and existing homeowners, looking for some sense of certainty in the mortgage market, have been left bitterly disappointed.

Last week’s UK inflation figures, which showed a slower-than-expected decrease, have sparked expectations that the Bank of England will raise interest rates above 5% by the end of the year – meaning that those borrowing to buy, or renewing their mortgage, soon will face significant cost increases.

Households looking for a new deal have been warned to expect mostly 5%-plus fixed-rate deals in the coming weeks. Nationwide, one of the UK’s biggest lenders, said it was increasing some fixed and tracker rates by up to 0.45 percentage points from last Friday.

Sarah Coles at the investment platform Hargreaves Lansdown says rates will be pushed up in the short term – even if the financial markets calm. “For those waiting and hoping for fixed rates to fall, there could be a lot more waiting and a lot less hope,” she says.

“Concerns about the stickiness of inflation are likely to mean we won’t get Bank of England rate cuts this side of the new year. Anyone waiting it out on a variable rate, meanwhile, will be paying a higher price for longer.”

Here is what the changes mean for homeowners, both current and hopeful, and what you can do.

Those trying to get on to the property ladder already face a number of hurdles, of course: getting the deposit together, getting approval and finding the right property.

A spike in rates will add even more to their difficulties. It may even prompt consideration as to whether to press ahead, says David Hollingworth at broker L&C Mortgages. “I think it will give them pause for thought to consider ‘is now the right time?’,” he says.

Coles says that first-time buyers could opt for a