If ever there was a good time for those seeking a mortgage to take free advice, it is at a time when the cost of borrowing may be in flux and there is uncertainty over what will happen next. Now may be such a time.

The Bank of England base rate is not the sole determinant of the cost of mortgages, but it does have an effect. If you have a tracker mortgage, the original rate will vary by the same amounts that the base rate is cut or raised by. A standard variable rate may do the same, but this is not automatic.

Alternatively, a fixed rate deal will remain unchanged whatever happens to the base rate.

Choosing what to go for can be uncertain at times of economic difficulty, not least as the Bank of England’s Monetary Policy Committee (MPC) has to balance the risks of current inflation rising too high with the potential for it to plunge below the two per cent target if excessively high rates cause a recession.

Having raised rates several times since the Russian invasion of Ukraine caused a surge in inflation, the MPC has cut rates from 5.25 per cent (the level in July last year) to four per cent, the latest reduction coming last month.

The August cut was made on a hairline vote of 5-4, with inflation still above the two per cent target. That may suggest it will be some time before the next change, with Deutsche Bank issuing a note to investors this week suggesting no change will occur this month, nor ahead of the November 26^th Budget.

It is by no means certain that rates will fall much further, as they are now close to historic norms. For that reason, any decision on what kind of mortgage to take is a finely balanced one and a skilled mortgage advisor can take you through the pros and cons.

This includes not just what may happen now, but the implications for any significant changes over the duration of your mortgage deal. Such advice could be crucial in helping you make an informed decision that fits your financial circumstances.