If your fixed-rate mortgage is coming to an end this year, you might be feeling vulnerable to rising monthly payments, but before you hit the panic button, take a deep breath and explore your options
MORTGAGE BLUES: If you’re part of the 700,000 fixed-rate mortgages coming to an end this year, you might be feeling vulnerable to rising monthly payments
Liz Hunter, the director at Money Expert, has provided valuable advice to mortgage holders approaching the end of their fixed-rate deals. In her conversation with Starting early is crucial to avoid rushing and potentially ending up with a less favourable deal. Liz explained:"Lenders are reducing mortgage products and deals on a daily basis, so act quickly to ensure you get the deal you want."
Liz also suggested considering what your current lender can offer. Opting for a new deal with the same lender when your current one ends is different from automatically transitioning to SVR rates. When selecting a new mortgage, you'll need to decide between a fixed rate for a specific period or a variable or tracker rate that can fluctuate. Currently, the average two-year fix is at 6.78 per cent, the average five-year fix is 6.30 per cent, and the average tracker sits at 6.03 per cent, according to MoneyFacts.co.uk.
However, it's essential to note that this assistance does not extend to those with buy-to-let mortgages. Under the Mortgage Charter, individuals can temporarily switch to an interest-only plan for up to six months, resulting in reduced monthly payments.
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