While house prices in some areas have started to ease, they have so far remained quite steady and quite high across many regions.

Latest official figures from the Office for National Statistics (ONS) show the average UK price in June was up 1.7% on the same period a year earlier at £288,000, £5,000 higher than 12 months ago but £5,000 less than November 2022's peak.

In Scotland the average price stood at £189,000, though this is much higher in sought-after areas such as East Renfrewshire, Edinburgh and East Lothian.

With inflation now moving "in the right direction", Dominic Taddei of the Mortgage Advice Bureau is optimistic that what has become an extremely volatile market will begin to steady in the coming months. However, he concedes there will be no "quick fix".

The Herald: Dominic TaddeiDominic Taddei (Image: MAB)

“What we are finding at the moment, especially with our remortgage clients, is that lenders’ rates are very volatile," he said. "It’s difficult to predict what sort of rate you are going to be able to offer a client from one week to the next.”

He added: “Quite often the best advice, and this is certainly the case at the moment, is to advise a client to stay with their current lender.” That is because these "product transfer" rates are currently "a little bit better" than than those with new lenders.

For those who are truly up against it there are other options such as switching to an interest-only mortgage, or extending their mortage beyond the standard 25 years. Both will reduce monthly repayments, but Scottish Friendly chief executive Stephen McGee cautions there are downsides as well.

READ MORE: Mortgages: Surge in first-time buyers relying on mum and dad

“Interest-only mortgages, all they are doing is deferring your repayment," he said. "That is a short-term fix that cannot be a long-term fix because all you are basically saying is I am going to stop repaying my mortgage, I’m just going to cover the interest for up to the next six months.

“A better way would be for somebody to think about extending the term of the mortgage so you are paying back for longer, [but] that will reduce the cost.”

He added: “If you are looking to just balance the books, or potentially you are looking to remortgage or release some equity, [deferring] can be an option, but it is only going to buy you a short period of time, so you still need an option beyond that temporary fix that gets you to a much more stable and affordable position.”

Those concerned about meeting their current commitments or who are saving towards a first-time deposit will benefit from taking a close look at their income and outgoings.

READ MORE: How rising interest rates will affect my mortgage

“A lot of businesses have loss-weighted new business pricing and then just hope that you do not actually [pay attention], and then increase your prices steadily," Mr McGee said. "That happens typically in general insurance, so your home insurance, car insurance –every single year when you come up for renewal, have a look on a price comparison website and just see how competitive they are.

"It’s the same with TV, broadband, phones, et cetera, just look around. We are all spending lots of money in these areas and these are the areas you can absolutely save if you shop around.”

Both men also recommend early intervention, whether that's in terms of preparing to take out a first mortgage or when struggling with repayments. Mr Taddei noted that many first-time buyers are now making initial mortgage enquiries up to 24 months in advance of when they plan to purchase a property.